AOC owns some her fellow Congresspeople. John Iadarola and Benjamin Dixon break it down on The Damage Report.
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Read more here: https://www.vox.com/policy-and-politics/21541113/rashida-tlaib-aoc-public-banking-act
"A public option, but for banking. That’s what Reps. Rashida Tlaib and Alexandria Ocasio-Cortez are proposing in a new bill unveiled on Friday.
The Public Banking Act, first shared with Vox, wouldn’t create those options by itself, but would foster the creation of public banks across the country by providing them a pathway to getting started, establishing an infrastructure for liquidity and credit facilities for them via the Federal Reserve, and setting up federal guidelines for them to be regulated. Essentially, it would make it easier for public banks to exist, and it would give some of them grant money to get started.
While it sounds a little wonky, the basic idea is to make it possible for state and local governments, local businesses, and people to do business with public banks, which theoretically would be more motivated to do public good and invest in their communities than private institutions, which are out for profit. One public bank exists in North Dakota, and there is a growing movement to create more of them across the country. California recently passed a law allowing cities and counties to create and sponsor public banks."
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