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Crosscurrents

Oakland might open its own bank

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By Flickr user mlinksva, used under CC / Resized and cropped
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Oakland would be one of the first cities in the nation to create a municpal bank

Earlier this year, Oakland City Council voted to stop banking with JPMorgan Chase because of the corporation’s investment in causes like the Dakota Access Pipeline and private prisons.

The city was trying to line up its money with its values. But then, later, the city reversed its decision, maintaining its relationship with the bank for a year while city officials explore other options.

One proposal is to have Oakland open its very own bank. On Tuesday July 18th the city council is voting on whether or not to study the idea. For locals unhappy with big banks, this would give the city a lot more control over its money. And it would make Oakland one of the first in the country to do so.

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