ROCHESTER, N.Y. — The Rochester City Council signed on to a letter by other local officials calling for the state enact the New York Public Banking Act.
These banks would provide local communities a public option for government deposits.
"Instead of our City deposits sitting in Wall Street banks, a Rochester Public Bank would allow us to invest that money in our community and generate more revenue from the interest," Rochester City Councilmember Mary Lupien said in a statement. "My colleagues and I stand 100% united in asking Albany lawmakers to take the simple step of passing the NY Public Banking Act this session and providing a pathway for us to move toward this exciting prospect for our City."
"Public banking addresses the disinvestment that cities such as Rochester have felt for decades,” Rochester City Councilmember At-Large Kim Smith said in a statement. “A Public Bank would be a source of community investment for residents, families and small businesses."
This would allow funding for investments like affordable housing, green jobs among other local needs.