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Oakland, like several other cities around the country, is currently studying the feasibility of establishing a public bank. This type of banking offers enormous benefits for our local economy. We should move ahead with founding the Public Bank of Oakland as rapidly as possible. The Public Bank of Oakland will serve the people of Oakland by retaining the bank’s profits as public property to be used for our common good. Through public banking, we can help our own communities thrive rather than enrich the shareholders of Chase, where Oakland’s monies are now deposited, and other private banks. Learn all about public banking at a public forum Thursday, Feb. 9, 6pm, Oakland City Hall.
San Francisco District 11 Supervisor and mayoral candidate John Avalos held a hearing about creating a San Francisco municipal bank. He says, the municipal bank idea is one that has been in the making for a long time, and now people are greatly suspicious and frustrated with our banks, that they serve the 1 percent and not the everyday people, the 99 percent.