Rashida Tlaib: “Today, big banks bring in billions in profits while our financial system promotes inequality and instability for many of…”

“Today, big banks bring in billions in profits while our financial system promotes inequality and instability for many of our families. Right now, millions of people--millions--the majority being people of color, lack access to a checking or savings account, but an alternative does exist. We can build a democratic financial system that puts the livelihoods of our residents above private profit and greed. Instead of serving Wall Street, public and postal banks can ensure that everyone has access to basic financial services. Instead of investing billions of dollars annually in fossil fuels, like JPMorgan Chase and Wells Fargo does, public banks can facilitate the transformative changes that our communities desperately need, like real affordable housing for all, disaster preparedness, and a clean energy future that creates real jobs for all. That is why Representative Ocasio-Cortez and I introduced the Public Banking Act of 2023, which provides a regulatory and institutional framework for the creation of State and local public banks, like the Bank of North Dakota, which has been incredibly successful for over a century. Mr. Speaker, I urge my colleagues to please join us in supporting a financial system that works for everyone. End-of-Year Wins”