"It's time New York City puts its money where its mouth is, divests from Wall Street, and—through a public bank—invests in us."

 June 5, 2018
By Julia Conley

Chanting, "Wells, Chase, B of A, public bank's a better way!" (click here) social justice groups rallied at the New York Stock Exchange on Tuesday to demand that New York City divest from Wall Street banks and establish a public bank that is "expressly chartered to serve the public interest."

"New York deserves a public bank that will invest in community needs, and be accountable to New York City residents—one that will prioritize housing...and not prey on low-income New Yorkers," said Scott Hutchins, a member of the grassroots social justice group Picture the Homeless.

The more than two dozen groups that gathered on Wall Street also included New York Working Families, the Pan-African Community Development Initiative, and Food & Water Watch.

Investment in Wall Street banks like Wells Fargo, Bank of Americas, and JPMorgan Chase is synonymous with harming the environment, propping up private prisons, and putting working families at risk for financial collapse as well as pushing them out of New York neighborhoods, argued the groups....