The public banking movement is gaining momentum in the United States as more people seek alternatives to traditional banking institutions. Unlike traditional banks that prioritize profit above all else, public banks aim to promote community development and social justice. Piper French, a journalist with Noema Magazine, recently spoke with Trinity Tran, George Syrop, and other organizers across the country to discuss the movement and its goals.
The rise of public banking is a response to the growing discontent with the banking industry’s practices, particularly in the wake of the 2008 financial crisis. Many people see public banking as a way to reestablish trust and accountability in the financial system. Public banks can prioritize the needs of local residents and businesses by focusing on community investment rather than profits for shareholders.
Read the article in Noema Magazine.