Join Enlace on June 5th as we call on NYC to divest from Wall Street and invest in our communities, through a public bank!
Every year, New York City deposits billions of dollars of public money in big banks like Chase, Bank of America, and Citibank. On top of that, Wall Street extracts many millions of dollars in fees and interest from New York City. This means that our public money is supporting Wall Street’s destructive activities: foreclosing on our homes, fueling the climate crisis, redlining communities of color, backing private prisons and immigrant detention centers, and financing war — to name a few.
Enough! Clearly we need a paradigm shift, and we call that shift Public Bank NYC. A Public Bank is a step toward building Freedom Cities, in which we are divesting from punitive institutions that overwhelmingly extract resources from low-income communities and communities of color and shift the control of resources to those same communities.
On June 5, 2018 — the day the NYC Council is scheduled to adopt the City’s $89 billion budget — join the Public Bank NYC coalition to:
Hear from frontline groups about how big banks strip money from our communities and our city, and why the city should DIVEST from Wall StreetLearn about public banking as a strategy to advance racial, economic and environmental justice, and how a NYC public bank can INVEST in sustainable, community-led development and a better future for all New Yorkers.Speak out about how a public bank can meet critical needs in your community — such as permanently affordable housing; worker, food and financial cooperatives; renewable energy; local small businesses…and more!
When: Tuesday, June 5, from 12 – 1 PM Where: 11 Wall Street (in front of NY Stock Exchange) Who: Public Bank NYC Coalition
Participating Organizations (list in formation): The Black Institute * Brooklyn Cooperative Federal Credit Union * The Debt Collective * Enlace * Lower East Side People’s Federal Credit Union * The Murphy Institute * Pan-African Community Development Initiative * National Federation of Community Development Credit Unions * New Economy Project * New York Communities for Change * New York Public Interest Research Group * Picture the Homeless * Queens Legal Services * South Bronx Unite * University Neighborhood Housing Program * Working Families * The Working World