Public Bank Fans Want to Get Portland City Council on Board
In Portland, Oregon, a movement is building to establish a public bank. After debating divestment from companies whose practices might be harmful to people or the environment, the City Council voted in April to stop investing city money in all corporations. Portland is also one of the numerous US cities that decided to stop banking with Wells Fargo. "My hope is that a public bank wout be a profit-making institution, expect the profit would be for public purposes," said David Delk, of the Portland Public Banking Alliance. "The possibilities are limited really only by our imagination because the needs are so great."