A renewed effort is underway to introduce public banking in New York State, with a particular focus on Rochester. The initiative aims to allow municipalities to create their own public banks, offering an alternative to depositing tax dollars in large private banks.
Public banks would enable local governments to store and leverage their funds for loans and investments driven by public policy. Unlike private banks, public banks would be mission-driven and accountable to the people, aiming to serve the public’s interests.
Assemblymember Harry Bronson and State Senator Samra Brouk support the initiative, highlighting its potential to revitalize disinvested cities like Rochester. They argue that public banking could finance public projects, provide loans to disadvantaged communities, and help reverse the effects of historically discriminatory policies.
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