{"id":8840,"date":"2018-06-08T10:57:00","date_gmt":"2018-06-08T17:57:00","guid":{"rendered":"http:\/\/occupysf.net\/?p=8840"},"modified":"2018-06-08T10:57:00","modified_gmt":"2018-06-08T17:57:00","slug":"fed-up-with-big-banks-that-fund-climate-crisis-and-oppression-community-coalition-demands-public-bank-for-new-york","status":"publish","type":"post","link":"https:\/\/occupysf.net\/index.php\/2018\/06\/08\/fed-up-with-big-banks-that-fund-climate-crisis-and-oppression-community-coalition-demands-public-bank-for-new-york\/","title":{"rendered":"Fed Up With Big Banks That Fund Climate Crisis and Oppression, Community Coalition Demands Public Bank for New York"},"content":{"rendered":"<div id=\"field-wrapper-attribution\" class=\"field-wrapper content-container clearfix inline-fields\">\n<div class=\"field field--name-field-article-date field--type-datestamp field--label-hidden\">\n<div class=\"field__items\">\n<div class=\"field__item even\"><span class=\"pb-timestamp\"><span class=\"date-display-single\">June 05, 2018\u00a0<\/span><\/span>by <a href=\"https:\/\/www.commondreams.org\/\" target=\"_blank\" rel=\"noopener\">Common Dreams<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"field field--name-field-subtitle field--type-text-long field--label-hidden\">\n<div class=\"field__items\">\n<div class=\"field__item even\">\n<div>\n<h4>&#8220;It&#8217;s time New York City puts its money where its mouth is, divests from Wall Street, and\u2014through a public bank\u2014invests in us.&#8221;<\/h4>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"field-wrapper-authors\" class=\"field-wrapper content-container clearfix inline-fields\">\n<div class=\"grouping-prefix\">by\u00a0<span class=\"pb-byline\"><a href=\"https:\/\/www.commondreams.org\/author\/julia-conley-staff-writer\" target=\"_blank\" rel=\"noopener\">Julia Conley, staff writer<\/a><\/span><\/div>\n<\/div>\n<div id=\"shr_canvas2\" class=\"shareaholic-canvas shareaholic-ui shareaholic-resolved-canvas ng-scope\" data-app-id=\"6840204\" data-app-id-name=\"headline_above_content\" data-app=\"share_buttons\" data-title=\"Fed Up With Big Banks That Fund Climate Crisis and Oppression, Community Coalition Demands Public Bank for New York\" data-link=\"https:\/\/www.commondreams.org\/news\/2018\/06\/05\/fed-big-banks-fund-climate-crisis-and-oppression-community-coalition-demands-public\" data-summary=\"\">\n<div class=\"ng-scope share_buttons\" translate=\"no\">\n<div class=\"shareaholic-share-buttons-container shareaholic-ui no-print flat  block horizontal mini\">\n<div class=\"shareaholic-share-buttons-wrapper shareaholic-ui\">\n<div class=\"shareaholic-share-buttons-animation-wrapper\">\n<div class=\"shareaholic-share-buttons-heading custom\">\n<div>\n<div class=\"ng-binding ng-scope\"><\/div>\n<\/div>\n<\/div>\n<div class=\"shareaholic-share-button-container\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"field field--name-field-article-img field--type-image field--label-hidden\">\n<div class=\"field__items\">\n<div class=\"field__item even\">\n<div><img decoding=\"async\" loading=\"lazy\" class=\"caption-processed\" src=\"https:\/\/www.commondreams.org\/sites\/default\/files\/styles\/cd_large\/public\/headlines\/screen_shot_2018-06-05_at_4.01.02_pm.jpg?itok=MPweDMBt\" alt=\"\" width=\"955\" height=\"500\" \/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"field field--name-field-main-caption field--type-text-long field--label-hidden\">\n<div class=\"field__items\">\n<div class=\"field__item even\">\n<p><em><span class=\"tL8wMe EMoHub\">At a rally in front of the New York Stock Exchange on Tuesday, community and social justice groups demanded that New York City divest from Wall Street and establish a public bank.<\/span>\u00a0(Photo: @0debtzone\/Twitter)<\/em><\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"field field--name-body field--type-text-with-summary field--label-hidden\">\n<div class=\"field__items\">\n<div class=\"field__item even\">\n<div>\n<p>Chanting, &#8220;Wells, Chase, B of A, public bank&#8217;s a better way!&#8221; social justice groups rallied at the New York Stock Exchange on Tuesday to\u00a0<a href=\"https:\/\/www.commondreams.org\/newswire\/2018\/06\/05\/new-york-community-worker-rights-economic-justice-and-environmental-groups-call\">demand<\/a>\u00a0that New York City divest from Wall Street banks and establish a public bank that is &#8220;expressly chartered to serve the public interest.&#8221;<\/p>\n<p>&#8220;New York deserves a public bank that will invest in community needs, and be accountable to New York City residents\u2014one that will prioritize housing&#8230;and not prey on low-income New Yorkers,&#8221; said Scott Hutchins, a member of the grassroots social justice group Picture the Homeless.<\/p>\n<p>The more than two dozen groups that gathered on Wall Street also included New York Working Families, the Pan-African Community Development Initiative, and Food &amp; Water Watch.<\/p>\n<p>Investment in Wall Street banks like Wells Fargo, Bank of Americas, and JPMorgan Chase is synonymous with harming the environment, propping up private prisons, and putting working families at risk for financial collapse as well as pushing them out of New York neighborhoods, argued the groups.<\/p>\n<p>The rally came days after the Trump administration\u00a0<a href=\"https:\/\/www.commondreams.org\/news\/2018\/05\/31\/paving-way-next-taxpayer-funded-wall-street-bailout-trump-fed-unveils-plan-gut%20\">announced\u00a0<\/a>it would roll back the Volcker Rule, which since 2014 has\u00a0<a href=\"https:\/\/www.investopedia.com\/terms\/v\/volcker-rule.asp\">prohibited<\/a>\u00a0banks from using their accounts to conduct risky, speculative trading, in an effort to avoid another financial meltdown like the one that threw the country into a recession in 2008.<\/p>\n<p>&#8220;With the Trump Administration and Congress handing out massive corporate tax breaks, rolling back federal financial reform, and gutting the Consumer Financial Protection Bureau, Wall Street is heading straight for another crisis,&#8221; said Deyanira Del Rio, Co-Director of New Economy Project. &#8220;A public bank will allow New York City to deposit our public money with a bank that belongs to New Yorkers.&#8221;<\/p>\n<p class=\"pullquote\">&#8220;Here&#8217;s the deal: New York City currently deposits billions of public dollars in the big Wall Street banks. These bankers make millions off these deposits and high fees, while providing little benefit to the City&#8230; Our money should be put to use in our communities.&#8221; \u2014Stephan Edel, New York Working Families<\/p>\n<p>The crowd also heard from a Brooklyn resident whose rent has doubled in recent years and who spoke about the exorbitant fees New Yorkers pay to big banks every year, a student who spoke out against predatory loan practices and Wall Street&#8217;s\u00a0<a href=\"https:\/\/www.colorlines.com\/articles\/report-bank-investments-fossil-fuels-threaten-climate-change-goals\">investment<\/a>\u00a0of billions of dollars in fossil fuels that accelerate and worsen the climate crisis, and a social justice activist who told the crowd of JPMorgan Chase&#8217;s\u00a0<a href=\"https:\/\/splinternews.com\/jamie-dimon-loves-private-prisons-1825653987\">support<\/a>\u00a0for private prisons.<\/p>\n<p>&#8220;As long as the city continues to deposit its money in prison financiers like JPMorgan Chase, we will remain complicit in systems of oppression that profit off of incarcerating our communities,&#8221; said Bamsa Eid of the racial and economic justice group Enlace. &#8220;It&#8217;s time New York City puts its money where its mouth is, divests from Wall Street, and\u2014through a public bank\u2014invests in us.&#8221;<\/p>\n<p>A public bank would\u00a0<a href=\"https:\/\/www.publicbanknyc.org\/about\">allow<\/a>\u00a0New York&#8217;s public money to go towards investing in small businesses run by locals, low-income housing, and financial services to immigrant and low-income communities.<\/p>\n<p>&#8220;Here&#8217;s the deal: New York City currently deposits billions of public dollars in the big Wall Street banks,&#8221; said Stephan Edel, director of New York Working Families. &#8220;These bankers make millions off these deposits and high fees, while providing little benefit to the City, small businesses, and residents of New York. Our money should be put to use in our communities.&#8221;<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>June 05, 2018\u00a0by Common Dreams &#8220;It&#8217;s time New York City puts its money where its mouth is, divests from Wall Street, and\u2014through a public bank\u2014invests in us.&#8221; by\u00a0Julia Conley, staff writer At a rally in front of the New York Stock Exchange on Tuesday, community and social justice groups demanded&#8230; <a class=\"continue-reading-link\" href=\"https:\/\/occupysf.net\/index.php\/2018\/06\/08\/fed-up-with-big-banks-that-fund-climate-crisis-and-oppression-community-coalition-demands-public-bank-for-new-york\/\"> Continue reading <span class=\"meta-nav\">&rarr; <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/8840"}],"collection":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/comments?post=8840"}],"version-history":[{"count":1,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/8840\/revisions"}],"predecessor-version":[{"id":8841,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/8840\/revisions\/8841"}],"wp:attachment":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/media?parent=8840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/categories?post=8840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/tags?post=8840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}