• Wed. Dec 2nd, 2020

Saturday Night Owls: AOC, Tlaib introduce bill to spur creation of public banks across America

ByAdiantku

Nov 1, 2020

Night Owls, a themed open thread, appears at Daily Kos seven days a week

Jessica Corbett at Common Dreams writes—‘Banking for the People’: Tlaib and Ocasio-Cortez Unveil Bill to Foster Creation of Public Banks Across US:

“It’s long past time to open doors for people who have been systematically shut out and provide a better option for those grappling with the costs of simply trying to participate in an economy they have every right to—but has been rigged against them.”

That’s according to Rep. Rashida Tlaib (D-Mich.), who along with Rep. Alexandria Ocasio-Cortez (D-N.Y.) and a handful of other progressives in Congress introduced legislation on Friday they say “would provide a much-needed financial lifeline to states and municipalities, as well as unbanked and underbanked residents, that have been left in dire straits by the Covid-19 pandemic.”

Specifically, as a joint statement from the congresswomen explains, the Public Banking Act (pdf) would enable “the creation of state and locally administered public banks by establishing the Public Bank Grant program administered by the secretary of the Treasury and the Federal Reserve Board which would provide grants for the formation, chartering, and capitalization of public banks.”

“We spent $30 trillion in the global crisis from 2007-2009 propping up financial institutions that held the country hostage for their reckless behavior. Only $8 trillion dollars has been committed thus far in the Covid-19 pandemic,” Tlaib noted. “These banks have been, are, and will continue to depend on the public dollar. It is time for this relationship to be reciprocated and have the banks work for the people and not solely privatized profits wreaking havoc on communities of color.” […]

In addition to allowing the Treasury secretary and the Fed’s board to give grants to public banks for “bank formation, capitalization, developing financial market infrastructure, supporter operations, covering unexpected losses, and more without the requirement to provide matching funds,” the bill:

  • Allows the Federal Reserve to charter and grant membership to public banks, and in conjunction with the appropriate federal agencies, establish a separate regulatory scheme with respect to these.
  • Establishes public banking incubator program to provide technical assistance to public member banks to develop technologies, practices, and data that promote public welfare.
  • Establishes new liquidity and credit facilities at the Federal Reserve to provide direct federal support to state and local public banks and their communities;
  • Prohibits investment in fossil fuel projects. […]

THREE OTHER ARTICLES WORTH READING

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QUOTATION

“I knew that a historian (or a journalist, or anyone telling a story) was forced to choose, out of an infinite number of facts, what to present, what to omit. And that decision inevitably would reflect, whether consciously or not, the interests of the historian.”
          ~~Howard ZinnA People’s History of the United States (1980, 2003)

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BLAST FROM THE PAST

At Daily Kos on this date in 2010—Suppressing the vote:

The late Chief Justice of the Supreme Court William Rehnquist cut his political teeth suppresssing the vote in Arizona. It was an issue at his confirmation hearings, but it didn’t prevent his being seated.

One of the more under-reported stories about the stolen Florida presidential election of 2000 was the racist and partisan purging of legitimate voters to suppress the Democratic vote count. And in Florida, it didn’t end there. […]

We later found out that the Bush White House had been replacing U.S. attorneys for refusing to play along with their attempts to intimidate voters.

In 2007, the Republican Secretary of State of Louisiana purged tens of thousands of mostly minority voters, without going through proper procedures.

This year, groups tied to Koch Industries are continuing their efforts to suppress the vote in Wisconsin, where a champion of campaign reform may lose his Senate seat to a climate denier and enabler of pederasts. 

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