Public Bank ATX

Austinites for Public Banking & Public Digital Money for Equity & Financial Inclusion

[Public Bank ATX @PublicBankATX]

🚨 NEWS! 🚨

Next week, Austin City Council members could vote to kickstart a feasibility study for the creation of a “public bank,” which “is owned and operated by a public institution, such as a municipal government,”

Thank you @CMZoQadri!
#ATXCouncil
https://t.co/6JQonI0zyW

[Alliance For Local Economic Prosperity @AFLEP_NM]

Public Banking HB 130 bill is scheduled for the House Comm & Econo Dev Com at 1:30 on Wed. 02/05/25. Click to see schedule and members.
https://t.co/Lu1gMi2tda.
Contact your rep: https://t.co/XZZHTV4qOs
For info and talking points, see our website.
https://t.co/DSn47V4Bwz

[Thomas Marois @Thomas_Marois]

Amazing!

[Public Bank ATX @PublicBankATX]

@saveaustintx Why ask questions if you only intend to respond in bad faith

[Public Bank ATX @PublicBankATX]

@saveaustintx Nothing! The city has ridiculous financial constraints imposed on it by an authoritarian state government, & it would give the city more financial power to better people’s lives. End of.

[Public Bank ATX @PublicBankATX]

@steeple_b @CMZoQadri The study is being done by the city’s innovation office…

[Council Member Zo Qadri, District 9 @CMZoQadri]

Want to learn more about why #atxcouncil will consider a study on public banks? We've answers for all of your frequently asked questions here!

[Geeta @geeta_minocha]

Thanks @KXAN_News for having me. This Austin City Council resolution would be an essential step to get public banking to the city and make it ever more attractive for national entrepreneurs. It’s got my full support. Well done @PublicBankATX!

[Public Bank ATX @PublicBankATX]

@dbaeza13 @flywheel25 👆🏻

[Public Bank ATX @PublicBankATX]

Sounds like you don’t understand how banks work and that’s OK!

One of the primary functions of a bank is to make loans — which can save governments lots of money when financing capital projects over banks like JPM. 1/

[Audit Austin City Council @saveaustintx]

I am trying to figure out the progressives angle here on the proposed Austin owned bank…. Smells like just another redistribution of wealth scheme?

[Public Bank ATX @PublicBankATX]

@flywheel25 Just bc loans create deposits doesn’t mean you can create unlimited loans — primary constraint is simply creditworthiness of borrowers and their ability to repay.

Good read on how “loanable funds theory” is the wrong approach to thinking about banking:
https://t.co/wJ9oxgwINU

[CalAccount @bankcalnow]

Californians face hurdles like account minimums, overdraft fees & ID requirements when opening bank accounts. That’s why CA is considering #CalAccount, a no-cost, state-managed banking platform free from fees & penalties, aiding the unhoused & ID-less.
https://t.co/OuvGDlhv5E

[Public Bank ATX @PublicBankATX]

Always love when conservatives cherry pick when they support “local control” and when they totally love for big government to come in and tell cities how they should be run!

[Audit Austin City Council @saveaustintx]

@PublicBankATX Your effort here is laughable. TX is not going to let Austin open its own bank and doubt this is legal. Just like project connect and it’s taxing schemes this has has major red flags just waiting on the Atty General to smack this down.

[Rep. Alexandria Ocasio-Cortez @RepAOC]

We wrote a bill to support public banks. Why do we need a public option? 1 in 5 Americans are un/underbanked. In The Bronx, it's half.

States also lose millions to bank fees. And private banks can refuse to fund projects that aren't hugely profitable, like affordable housing.

[SF Public Bank Coalition @sfpublicbank]

The for-profit behemoths on Wall Street clearly will never meet the needs of ordinary people so long as profit is the primary motive. @AOC's Public Banking Act creates a critical framework to build a better, more affordable economy and actualizing the Green New Deal. (1/5)

[Public Bank ATX @PublicBankATX]

@ArrestedAustin Elected officials don’t run public banks, banking professionals do!

For example, here’s a proposed governance model for the City of LA:

https://t.co/nISRwRgrav

[Public Bank ATX @PublicBankATX]

Private Banks also offer retail banking services, but there are major issues with this; ripping off working families with fees, denial of banking access, surveillance, etc.

Public banks can pick up where private banks fall short.
@RaulACarrillo
https://t.co/Vc4pVlxxpg

[Public Bank ATX @PublicBankATX]

Contrary to popular belief, banks do not “lend out deposits” — loans create deposits as money is created out of thin air.

Govts franchise money creation to private banks, but there’s no reason that local govts should not have this power too! #ATXCouncil
https://t.co/FlnxpKBk2V

[Public Bank ATX @PublicBankATX]

An Austin rite of passage!

[Public Bank ATX @PublicBankATX]

@pearcort https://t.co/r13WSGdXRO

[Public Bank ATX @PublicBankATX]

Austin’s most famous personal injury billboard lawyer (with no background in banking or finance) busts out classic racist dog whistle “taxpayer money” — a term rooted in white supremacy — to attack public banking. Go figure! 🤨

#ATXCouncil
https://t.co/NW9HS6Ke1H

[Adam Loewy @LoewyLawFirm]

Our guy ⁦@CMZoQadri⁩ wants the City to run a BANK with taxpayer money to “democratize” banking.

What could go wrong? 🫨

[Public Bank ATX @PublicBankATX]

@pearcort Yes. There’s a mountain of academic literature on this subject if you care!

https://t.co/ogjfEkxlDj