Statement from Labor, Racial & Economic Justice Groups on the NY Public Banking Act

“Last week the NYS Senate leadership missed a crucial opportunity to bring about a just recovery, when it suddenly removed the NY Public Banking Act from today’s Banks Committee agenda—despite Wall Street’s long legacy of extracting wealth from communities and redlining Black and brown neighborhoods.

“The COVID-19 pandemic has devastated much of the state’s economy, and we are at a pivotal moment in determining the economic future of New York. The NY Public Banking Act would usher in local public banks that would invest in permanently affordable housing, small and worker-owned businesses, and more—enabling marginalized communities across the state to build wealth as part of a just COVID-19 recovery.

“We urge the NYS Senate and Assembly to prioritize the NY Public Banking Act this session and join us as we work to address deep inequities in our banking system and local economy.”

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