States, cities and towns are facing serious budget crises and communities are struggling to survive in the wake of high unemployment, exploding costs, and plummeting tax revenues. Interest rates on municipal bonds have shot up, while interest rates for banks have dropped virtually to zero. What can states and cities do? One option enables cities and states to take the initiative to fund their own recovery. That option is to form their own publicly-owned banks.
The Coalition for Public Banking in Ohio is working to make banking in the public interest a reality. If you were not able to attend the launch of our first Town Hall event on November 10, here is a link to the recording.
https://www.facebook.com/PublicBankingInstitute/videos/650827462266750
The first 30 minutes presents a slide show that provides an overview of the public banking movement.
We’re gathering again to develop effective strategies to build a diverse coalition of advocates for public banking in Ohio. Together we will explore the benefits that public banking can bring to state, regional, and local governments in Ohio. We have not yet developed or endorsed any specific proposal to establish any public bank. The goal of our Coalition is to educate, advocate, and lobby the governor, mayors, state and local legislators, and agency administrators to create public banks capable of investing in the needs of Ohio communities.
The needs in Ohio communities are many and urgent.
> Affordable loans to struggling small businesses during the pandemic
> Affordable housing in a tight sellers market
> Infrastructure projects – transit, water, sewer, utility upgrades, Internet for all
> Renewable energy and updating buildings for energy efficiency
> localizing and strengthening food and farming systems
> strengthening local community banks and credit unions
> refinancing student loans
At our March Town Hall meeting, we are inviting community leaders and concerned citizens to address this key question:
What businesses, organizations, and advocacy groups are interested in joining our Coalition to explore the benefits of public banking in Ohio?
Our objective is to expand our existing network of partners and sponsors.
> The Ohio Sustainable Business Council,
> Support Ohio Local Economies initiative,
> AMIBA (American Independent Business Alliance) based in Cincinnati
> National Commonwealth Group based in Youngstown,
> Regionomics economic consulting services statewide
> SPAN Ohio, the Single Payer Action Network promoting health care for all
By broadening our Coalition to include new partners who are currently addressing the community needs identified above, we can spawn a bottom-up movement to lobby our elected leaders to create public banks in Ohio.
Who should attend?
> Political leaders at all levels: township supervisors, mayors, city and state legislators
> Community leaders in neighborhood associations and local advocacy groups
> Financial experts: bankers, finance authorities, auditors, treasurers
> Policy experts in city and regional planning
> Consultants and lobbyists who see the value of public banking to clients listed above
What to expect at our Town Halls
> Meet the Ohio Coalition for Public Banking team and national experts
> Rationale for expanding our Coalition and creating a bottom-up movement
> Find out which Ohio cities are making the case for public banking
> Discuss how rural counties can access services from large urban/county banks
> Learn how Infrastructure banks, green banks, CDFI’s can expand loan services
> Network with participants and build relationships with experts and allies
Please join us in a Town Hall program that will explain how the Ohio Coalition for Public Banking can work; invite your input, recommendations, and questions; and engage you with our Ohio team and experts from the national Public Banking Institute.
Bring your network of contacts to share and help us develop future Town Hall topics. Let’s work together to leverage the power of public banking in Ohio.
For background, including short video introductions to public banking, visit The Public Banking Institute.
