Banking for the Public Good: Public Bank NYC

May 26, 2022
  • Description

This case study is part of Demos' new Economic Democracy project, which asks how poor and working-class people, especially in Black and brown communities, can exercise greater control over the economic institutions that shape their lives. This framework has 3 goals:

  1. Break up and regulate new corporate power, including Amazon, Google, and Facebook.
  2. Expand the meaning of public goods and ensure that services are equitably and publicly administered.
  3. Strengthen "co-governance" strategies so that people and public agencies can collectively make decisions about the economy.

With the accelerating frequency of climate disasters, it is especially important to build the power of those most impacted by disasters— often Black, brown, and Indigenous communities—to ensure they have equitable access to the resources needed to recover and move forward.

This case study spotlights how the New Economy Project (NEP) launched the Public Bank NYC (PBNYC) campaign to build a public bank in New York City that is specifically configured to serve Black and brown communities. By shifting the focus of finance from private profits to the public welfare, public banks can begin to repair harms caused by longstanding discriminatory practices that have extracted wealth from Black and brown people and neighborhoods, like predatory lending, overdraft fees, and redlining.