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Upper West Side resident tells Council: banks 'create money' when they make loans
Summary
Susan Peters, an Upper West Side resident, testified during public comment about banking and money creation, arguing that banks create money through bookkeeping entries and urging the council to investigate and educate the public.
Susan Peters, who identified herself as a resident of the Upper West Side, used her two‑minute testimony to urge the council to educate the public about banking and the nature of money. Peters said her background in data processing for a Wall Street bank informed her view that “every time a bank makes a loan, all it is doing is simply making a bookkeeping entry in the borrower's account for the amount of the loan.”
Peters provided four handouts and written testimony for the record and urged elected officials to investigate how money is created and distributed and to inform the public. Her remarks were procedural public comment and did not directly address technical elements of the DOF amnesty proposal discussed earlier in the hearing.
