Public Banking for Racial Equity

Public banking aims to address racialized inequities in access to retail financial services by creating publicly-accountable banking options for local communities. Across the United States in cities like New York, Los Angeles, and Detroit, grassroots movements have begun to emerge and to build support for public banking. Yet, despite the fact that there are hundreds of public banks worldwide, there is little familiarity with how such institutions could work in the United States. For instance, public banks have the potential to advance human rights economies and facilitate welfare programs like guaranteed income.