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Public Banks: A Lousy Idea Whose Time May Come

What the interest in this panacea says about the credit union industry.

By Henry C. Meier, Esq. | June 13, 2023 at 10:00 AM
image of the U.S. Capitol surrounded by money Source: AdobeStock

New York State’s legislative session came to an end on Saturday. Fortunately, another year went by without the passage of legislation, supported by the Chairs of the Assembly and Senate Banks Committees, to create a so-called public bank.

The idea has been around for a while, and despite its very obvious flaws and few legislative successes, it refuses to go away. Ten states and municipalities currently have proposals, and the idea has adherents in the progressive wing of the Democratic Party, which has grown increasingly frustrated with the perceived lack of help from mainstream banking institutions, particularly when it comes to minority-owned small businesses and marijuana banking services.

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