Advocates for public banking are pushing for that model here in Ohio
If you search for what are the most hated or distrusted industries in American - you'll often find 'banking' near the top of the list, generally right behind the oil and gas industry.
The ill-will has only grown in recently decades, particularly in the wake of the 2008 financial crisis. The idea was that the average citizen was hurt much more than the large, private, banks -- across the country.
There have been voices in the finance and public policy field advocating for a new model of banking, as a way to repair that sense of distrust, and to create more equitable financial systems.
That model - is a public bank - an entity in which a state, municipality, or collective of public actors are the actual owners.
Maybe that makes you think of the film classic "It's A Wonderful Life" --- where the small community savings outlet --- Bailey's Building and Loan, is pitted against the big greedy commercial banker and the dubious Mr. Potter.
Reality is a little more complicated than that, but the practice of public banking has taken hold to various degrees around the country, and around the world.
But to many people - it's a foreign concept, and one that has a large uphill battle against the well-established private financial institutions that already exist.
In the US, The Bank of North Dakota is probably the most well-known public banking entity. In Germany, The German Public Bank controls nearly 40% of the banking assets in that country.
Today on the program, we'll discuss the concept of public banking - as some advocates are pushing for that model to take root in Ohio.
- Walt McCree, Senior Advisor, Public Banking Institute
- Geeta Minocha, Executive Director, The Public Banking Coalition of Ohio
- Ameya Pawar, Senior Fellow, The Economic Security Project and former Chicago Alderrman
- Kabir Bhatia, Senior Reporter, Ideastream Public Media
- Donna Cianciola, Co-Founder, Gourmet or Good Enough
- Diane Delia, Co-Founder, Gourmet or Good Enough