Jefferson Smith: Cities Can "Move Our Money" and "Keep it Local"

Huffington Post:

Finding ways to help our money circulate locally is critical to building our local economy. Our local governments cannot control global banking or finance laws. We have few tools to keep multinational corporations from outsourcing jobs. We can do little about the growing national gap between the very rich and everyone else.

But one thing cities can do -- and that we are urging support for our City of Portland to do -- is move a meaningful portion of our public deposits into locally-chartered nonprofit credit unions and out of national banks that whisk the money to Wall Street at the speed of button clicks.

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