How Sacramento’s Public Banking Movement Plans To Keep Taxpayer Money At Home

Imagine a world where your tax dollars, instead of flowing into mega-banks often investing in projects far removed from our community, stayed right here in Sacramento. That’s the vision driving a passionate movement for public banking in California, a movement gaining significant traction right in our backyard.

Advocates across the Golden State are making a powerful case for the creation of publicly owned banks. The core idea is simple yet revolutionary: establish a financial institution accountable to the public, designed to serve the public good, not private profit. This means your money – our collective taxpayer dollars – would circulate locally, funding essential services and critical projects that directly benefit Sacramento residents.

What Could a Public Bank Do for Sacramento?

The potential impact is immense. A publicly owned bank could be a game-changer for:

• Affordable Housing: Providing low-interest loans for the development of much-needed affordable housing projects, helping to address our city’s housing crisis.
• Climate Resilience: Investing in green infrastructure, renewable energy projects, and initiatives to protect our community from the impacts of climate change.
• Local Infrastructure: Funding vital repairs and upgrades to our roads, bridges, public transit, and other essential services that keep our city running smoothly.

Currently, government funds are typically deposited in large commercial banks. These banks then leverage those deposits to invest globally, often in industries or projects that don’t align with local values or needs. A public bank would redirect this financial power, ensuring that our money works harder for us, right here at home.

The movement believes that by taking control of our public funds, Sacramento can build a more resilient, equitable, and prosperous future. It’s about empowering our community to decide where its money goes, fostering local growth, and creating a financial system that truly serves the people.

Source: Original Article