City Council approved a resolution to research the establishment of a public bank in Austin, directed by Council Member Zo Qadri. Public banks operate in the public interest, with examples in American Samoa, North Dakota, and cities such as Philadelphia, San Francisco, and Los Angeles.
The resolution aims to invest City revenues for local benefit aligned with the city's values and policy goals, supporting the local economy and providing equitable financial services to the City, businesses, and residents. Council Members and Mayor Pro Tem supported the motion, with plans for a feasibility study by Nov. 1.
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