I would like to see the city move its money from Wall Street banks to local financial institutions. I advanced this idea two years ago but didn't get much traction. I'm hoping that the changing mood of the nation will encourage other Council members to support this idea now. Banking locally has the same multiplier effect as buying local, and we should do it for the good of the local economy.
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Would you envision this in the form of a local currency? I think there is a broad base of support for a local currency movement, and other cities like Ithaca, NY have done this quite successfully. Have the city and county divested themselves of any and all national banks? This would be a good thing to start with if it hasn’t already been done.