Revolution Through Banking? | The Nation

27 Dec

It’s easy to list the characteristics of an ideal “Occupy” bank. Setting one up is rather harder. The legal and institutional obstacles to establishing a new (or de novo) bank are formidable and would require years of work and hundreds of thousands of dollars, if not more. One alternative therefore might be for Occupy to partner with or even acquire a bank that is already established and that shares our vision. Indeed there are many small banks around the country which might be amenable—community banks, or so-called “triple bottom line” banks, which aim for community development and positive social and environmental impacts as much as profit.

Our group works on, and we are well aware that we may not succeed. But there are other groups around the country thinking about this problem: Occupy San Francisco is already setting up its own credit union. Perhaps our work will inspire someone else to set up a bank like the one we are imagining. If many attempts are made, there is a greater chance that one will succeed.

via Revolution Through Banking? | The Nation.

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