Public Bank in Portland?

Is a municipal public bank in Portland’s future?

Too-Big-To-Fail banks are tied to high risk speculative investing for the benefit of the bank’s major stock holders.

Currently, the city’s deposits are held by private banking establishments. What could happen if, instead of supporting those banks via our city’s use of those banks, we created a locally owned public bank to cycle city revenues back into the local economy? How much additional revenue from such a cycling of city revenues into a city public bank would be generated for investment in affordable and low-income housing, infrastructure and community-based economic development?

Walt McRee, chair of the Public Banking Institute, will address how public banking is being explored around the nation, including in Seattle and Santa Fe, and how Portland could benefit from exploring the options and opportunities presented by formation of a municipal public bank.

Location: First Unitarian Church, Eliot Chapel, SW 12th and Salmon, Portland OR.
Date/time: Wednesday, Feb. 24, 7 PM, doors open at 6:30 P
Sponsored by Economic Justice Action Group of First Unitarian Church, Alliance for Democracy
Admission: $5-20 donation requested, but no one turned away for lack of funds

http://www.progparty.org/