TLAIB, OCASIO-CORTEZ INTRODUCE PUBLIC BANKING ACT

Congresswomen Rashida Tlaib and Alexandria Ocasio-Cortez introduced the Public Banking Act of 2023! Thanks to all of our coalition partners across the country who helped craft this transformative bill! For too long, Wall Street has failed to meet the moment, pursuing profits over people’s needs. This allows us to finally build a sustainable alternative!

The repeated failures of Wall Street banks to meet the needs of struggling families have brought forth a movement for public banking. Now progressive Representatives are taking positive steps toward helping communities create financial institutions that will work to end discriminatory and predatory practices and provide affordable and fair financial services to those the current system has left behind.   

In California, we passed the California Public Banking Act, AB 857, which established a regulatory structure to legalize and guide the efforts of municipalities and regions throughout the state. The Federal Public Banking Act will build on and expand that framework nationally to aid efforts across the nation.

As Trinity Tran, Lead Organizer for the CPBA sums up, “The Public Banking Act provides much-needed federal recognition and guidance for public banks. Public banking is key to unlocking economic transformation for communities often overlooked or exploited by our current financial system, charting a path for cities and states to build a sustainable future that prioritizes environmental justice, tenant protections, democratic governance, and strong labor and workers’ rights.” 

Read the press release: https://tlaib.house.gov/posts/tlaib-ocasio-cortez-introduce-public-banking-act.

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