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Advocates outline public-banking case to Fresno council; emphasize housing, climate and small-business lending
Summary
A coalition of public-banking advocates briefed the Fresno City Council on Sept. 25 about a locally owned bank model enabled by the California Public Banking Act, highlighting tools to lower borrowing costs for affordable housing, climate response and small-business lending.
Speakers from the Central Valley Urban Institute, the California Public Banking Alliance and affiliated advocates presented a 10-minute workshop to the Fresno City Council outlining the purpose and mechanics of a locally owned public bank under the California Public Banking Act.
Presenters said a public bank is a municipal-owned financial institution that would hold city deposits, leverage those deposits to make local loans, and reinvest earnings back into community priorities rather than sending profits to private shareholders. The presenters described public banks in global and U.S. contexts, citing North Dakota’s…
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