The Case for a US Public Banking Option
A forgotten lesson of the New Deal era is that a public option for basic services can both ensure universal access and empower regulators to curtail abuses. In the case of consumer finance, a public bank would go a long way toward improving the economic security of all US households.
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LOS ANGELES/SARASOTA – Because the consumer financial-services industry is structured to maximize profits and payouts to shareholders, it inevitably fails to meet the basic banking needs of ordinary American households. Too many people lack access to the financial infrastructure – check cashing, money transfers, bill payment, and consumer credit – that is necessary to participate fully in the twenty-first-century economy.