“We spent $30 trillion in the global crisis from 2007-2009 propping up financial institutions that held the country hostage for their reckless behavior. Only $8 trillion dollars has been committed thus far in the Covid-19 pandemic,” Tlaib noted. “These banks have been, are, and will continue to depend on the public dollar. It is time for this relationship to be reciprocated and have the banks work for the people and not solely privatized profits wreaking havoc on communities of color.” (…)
In addition to allowing the Treasury secretary and the Fed’s board to give grants to public banks for “bank formation, capitalization, developing financial market infrastructure, supporter operations, covering unexpected losses, and more without the requirement to provide matching funds,” the bill:
Allows the Federal Reserve to charter and grant membership to public banks, and in conjunction with the appropriate federal agencies, establish a separate regulatory scheme with respect to these.
Establishes public banking incubator program to provide technical assistance to public member banks to develop technologies, practices, and data that promote public welfare.
Establishes new liquidity and credit facilities at the Federal Reserve to provide direct federal support to state and local public banks and their communities;
Prohibits investment in fossil fuel projects. (…)
THREE OTHER ARTICLES WORTH READING
“I knew that a historian (or a journalist, or anyone telling a story) was forced to choose, out of an infinite number of facts, what to present, what to omit. And that decision inevitably would reflect, whether consciously or not, the interests of the historian.”
~~Howard Zinn, A People’s History of the United States (1980, 2003)
TWEET OF THE DAY
BLAST FROM THE PAST
At Daily Kos on this date in 2010—Suppressing the vote:
The late Chief Justice of the Supreme Court William Rehnquist cut his political teeth suppresssing the vote in Arizona. It was an issue at his confirmation hearings, but it didn’t prevent his being seated.
One of the more under-reported stories about the stolen Florida presidential election of 2000 was the racist and partisan purging of legitimate voters to suppress the Democratic vote count. And in Florida, it didn’t end there. (…)
We later found out that the Bush White House had been replacing U.S. attorneys for refusing to play along with their attempts to intimidate voters.
In 2007, the Republican Secretary of State of Louisiana purged tens of thousands of mostly minority voters, without going through proper procedures.
This year, groups tied to Koch Industries are continuing their efforts to suppress the vote in Wisconsin, where a champion of campaign reform may lose his Senate seat to a climate denier and enabler of pederasts.