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House Cmte. Considers AOC’s Public Banking Proposal to Democratize Financial Services

HeadlineJul 23, 2021

The House Committee on Financial Services held one of its first hearings on public banking this week. New York Congressmember Alexandria Ocasio-Cortez, who last year introduced the Public Banking Act with Congressmember Rashida Tlaib, said public banks would help support local economies and infrastructure, and help combat inequality and structural racism in the banking industry. But most states and cities have to rely on commercial banks because there is no public option. This is Deyanira Del Río from the New Economy Project testifying at Wednesday’s hearing.

Deyanira Del Río: “A public bank would be chartered to serve the public good, and it would remove the profit-seeking shareholders from the equation and allow for other benefits other than maximizing profits.”

Rep. Alexandria Ocasio-Cortez: “And a public bank ostensibly wouldn’t have, you know, billionaire CEOs that are paid hundreds or thousands times the amount that their lowest employees are made. Is that correct?”

Deyanira Del Río: “Yes, that’s certainly our vision for public banking.”

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