The article discusses the urgency for New York City to establish a public bank, particularly as the Trump administration proposes cuts to essential programs like housing and green energy. This comes in light of the city's Banking Commission's recent vote on banking options for municipal revenue and expenditures. Advocates argue that the city should redirect funds from major commercial banks, such as JP Morgan Chase and Citibank, to invest locally. With $2.2 billion in city bank accounts, the call for a public bank stems from a desire to prioritize community needs over commercial profits, especially in confronting climate change.
The push for a public municipal bank in New York City aims to redirect funds from commercial banks to prioritize local investments, especially in light of federal budget cuts.
Legislators stress the urgency of creating a municipal bank as the Trump administration slashes critical programs, including housing and green energy, affecting countless city residents.
Collection
[
|
...
]