FOR IMMEDIATE RELEASE: 12/8/2014
Public Forum on Possibilities of City-Owned Bank Wednesday
SEATTLE – Councilmember Nick Licata will participate in a forum this Wednesday on the possibilities for a publicly-owned bank in Seattle. A public bank is a state-licensed banking institution established to provide depository services to local governments, and to make loans to promote policy objectives such as affordable housing preservation and development, infrastructure investment and fostering local economic development.
In addition to Wednesday’s evening forum, Councilmember Licata will host a briefing on the issue in Council’s Finance and Culture Committee at 2:45 p.m. Wednesday in Council Chambers at Seattle City Hall.
In the wake of the Wall Street financial crisis of 2007-8, advocacy for public banking has increased, with potential benefits including reducing the cost of capital projects through elimination of interest charges for loans, preserving affordable housing and improving access to credit.
The forum is sponsored by the Seattle Public Bank Coalition, the Seattle Good Business Network and the Public Banking Institute. It will take place at the University Temple, United Methodist Church.
WHAT:
The Possibilities for a Public Bank in Seattle Public Forum
WHEN:
Wednesday,December 10
7:00 p.m. – 9:00 p.m.
WHERE:
University Methodist Church
1415 NE 43rd St, Seattle 98105
WHO:
Councilmember Nick Licata, City of Seattle
Dr. Thomas Keidel, Federation of German Banks
Karl Beitel, Director, Public Bank Project; Visiting Fellow, Roosevelt Institute
Gwendolyn Hallsmith, Public Banking Institute
Seattle Public Bank Coalition