The push for public banking (photo: @PublicBankNYC)

Here’s something that might surprise you: Almost all of the $100 billion in revenue New York City will collect this year to pay for schools, buses, and other public services will be deposited in three big banks – JPMorgan Chase, Bank of America, and Citi. That’s because New York State requires local governments to put our public funds in banks, essentially handing Wall Street a lucrative monopoly that it has lobbied to uphold...

The Mayor on Wall Street (photo: Ed Reed/Mayoral Photography Office)

This past week, an obscure public body, the New York City Banking Commission, decided that the city can resume banking with Wells Fargo — meaning the scandal-scarred bank could hold billions of public dollars for at least the next two years. 

The Commission, composed of the Mayor, Comptroller, and Commissioner of Finance, voted to redesignate Wells Fargo during an 11-minute remote meeting with no opportunity for the public to weigh in.

You’ve heard of three men in a

A Wall Street rally for public banking (photo: @PublicBankNYC)

In recent memory public banking was an idea that belonged either to a distant utopian future or a distant populist past. But today, not only is public banking on the agenda of major New York politicians, but competing visions of public banking are on offer.

The coalition Public Bank NYC (PBNYC) is running a grassroots effort to create a public bank for New York City, while mayoral candidate Andrew Yang proposes to initiate public banking through the mayor’s executive authority. Despite