What is The Colorado Public Banking Coalition?
We are a coalition of public banking advocates working to create local public banks that are socially and environmentally responsible and that keep our money working for our communities. We advocate for banking options in Colorado, in order to protect and invest back into our Colorado communities. Over 60 organizations have signed on in support of public banking in Colorado. Click here to sign on in support of public banking in Colorado.
What is Public Banking? How Does it Help Me?
A public bank is a bank that is owned and operated by a city, county, or state. This kind of banking cuts out the middle person and allows the funds that the bank makes to go directly back into the city, county or state instead of into the hands of private shareholders. This allows the community to reinvest in things that are important to them: green energy, new infrastructure, better schools, and much much more.
Take a look at this animation made by the Public Banking Institute to see an overview of what a public bank can do for a community and why it is a better choice for Colorado than a Wall Street bank.
Why Wall Street Banks Aren’t Cutting It
All profits and benefits reaped from the banking process in a Wall Street Bank go to private shareholders and owners of the bank. This means that there is no benefit for the community that chooses to bank with the institution. In 2008, these Wall Street Banks contributed to an enormous recession, because they weren’t looking out for the interests of the people or of the communities that they rely on to do business.
Currently cities and counties in Colorado do not have banking options other than FDIC insured Wall Street banking entities. We advocate banking choice in Colorado, including enabling public banks.
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