Congresswomen Rashida Tlaib (MI-13) and Alexandria Ocasio-Cortez (NY-14) introduced the historic Public Banking Act, which allows for 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.
David Jette of Public Bank LA and CPBA states in the press release, “We cannot face the crises of our day with the financial infrastructure that led us to those same crises. We need accountable, publicly chartered banks that invest in the well-being of the many, not the few. This bill gets us there, and not a moment too soon.”
Read Congresswomen Tlaib’s press release on the Public Banking Act: https://tlaib.house.gov/tlaib-aoc-public-banking-act