Public banking could finance the Green New Deal


In contrast to the big, privately owned banks in the U.S., public banks are owned by government entities; theoretically, they could operate at the city, state, or federal level. They’re funded with revenue from constituent taxes or from the federal government, and as such, are intended to be accountable to public interest and demands, as opposed to big private banks, which are beholden to shareholders.



Critics of the Green New Deal often decry that the transformative effort aimed at aggressively decarbonizing the American economy will be expensive to pull off. 

The answer, according to a report in Fast Company, could lie in how preliminary Green New Deal legislation is written. The initial Green New Deal legislation forwarded by Representative Alexandria Ocasio-Cortez and Oregon senator Ed Markey reads in part: "Providing and leveraging, in a way that ensures that the public receives appropriate ownership stakes and returns on investment, adequate capital (including through community grants, public banks, and other public financing), technical expertise, supporting policies, and other forms of assistance to communities, organizations, federal, state, and local government agencies, and businesses working on the Green New Deal mobilization."

Some experts argue that increasingly-popular public banking initiatives could provide a sustainable pathway for funding Green New Deal initiati...

Antonio Pacheco via Archinect - News http://bit.ly/2XchSsV

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