Tlaib, Ocasio-Cortez Introduce Public Banking Act

Thanks to Congresswoman Rashida Tlaib and Alexandria Ocasio-Cortez all our coalition partners across the country that helped craft this transformative bill! For too long, Wall Street has failed to meet the moment, pursuing profits over people’s needs. This allows us to finally build a sustainable alternative.

In California, we passed the CA Public Banking Act, AB 857, which established a regulatory structure to legalize and guide the efforts of municipalities and regions throughout the state. The federal Public Banking Act will build on and expand that framework nationally to aid efforts across the nation.

WASHINGTON D.C. — Today, Congresswoman Rashida Tlaib (MI-12) and Alexandria Ocasio-Cortez (NY-14) introduced the Public Banking Act of 2023, which facilitates the creation of state and local public banks. The bill establishes a robust federal regulatory framework, grant programs, and financial infrastructure to promote public banks and ensure their success. The bill also mandates minimum standards for public banks relating to environmental justice, tenant protections, labor standards, democratic governance, and consumer data privacy.

“Wall Street-run banks are failing to serve many of my residents who are struggling to make ends meet,” said Congresswoman Tlaib. “It’s long past time to open doors for people who have been systematically shut out. We must provide a better option for those grappling with the costs of simply trying to participate in an economy that has been rigged against them with discriminatory and predatory practices. We need a financial system that is democratically accountable and puts the livelihoods of our residents ahead of private profits.”

“The Public Banking Act provides much needed federal recognition and guidance for public banks,” said Trinity Tran, Lead Organizer for the California Public Banking Alliance. “Public banking is key to unlocking economic transformation for communities often overlooked or exploited by our current financial system, charting a path for cities and states to build a sustainable future that prioritizes environmental justice, tenant protections, democratic governance, and strong labor and workers’ rights.”

Read the press release: https://tlaib.house.gov/posts/tlaib-ocasio-cortez-introduce-public-banking-act.