Trinity Tran’s article, “Transcending Finance with Public Banking,” part of the Institute for the Future’s “Imagining Equity: Explorations into the Future of Enterprise” series, discusses the public banking movement’s goal to address longstanding issues in the financial system, including fraudulent activities by big banks like Wells Fargo and JPMorgan Chase. Instead of relying on big banks, cities and states are turning to public banks to invest in their communities, with California passing legislation allowing for the creation of city and regional public banks. Public banks prioritize community needs, such as affordable housing, clean energy, and public transit, while also offering cost savings to taxpayers and expanding banking services for those with limited options. With several California cities and counties exploring the creation of their own banks and federal legislation in the works, the public banking movement is gaining momentum. Building a network of public banks at the local and state levels can help create a more equitable financial system.
Read the essay on IFTF.
Read on Medium.