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New York Could Become First State To Be Completely Done With Private Prisons
Key Excerpts from Article on Website of Forbes
Posted: August 4th, 2019
https://www.forbes.com/sites/morgansimon/2019/06/18/new-york...
With many corporations having capitalizations that make them larger than countries, it can sometimes feel hard to imagine governments effectively being able to set limits on companies let alone entire industries. One interesting exception to this rule is the private prison industry; where the government (given they are the largest client) is uniquely positioned to effectively regulate the sector or, as many would argue, to eliminate private prisons entirely, given their problematic incentive to encourage the criminalization of vulnerable communities. New York State has been leading the way in flexing its muscles with respect to the private prison industry, having taken three concrete actions against private prisons: 1. prohibiting private prisons from operating within the state, 2. divesting state pension funds from the largest private prison companies, GEO Group and CoreCivic, and then just last week, 3. passing Bill S5433 in the State Senate, which would prohibit NY State-chartered banks from investing in and providing financing to private prisons. As Senator Benjamin noted in introducing the bill, in front of a Bank of America branch, The goal is to starve private prisons of capital. My constituents do not put their hard-earned savings in a bank like the one we are standing in front of today expecting that those funds will be used to finance mass incarceration. Whether through organizing and community pressure, or tools like the bill I am announcing here today, we can and we must bring an end to private prisons.
Note: For more along these lines, see concise summaries of deeply revealing news articles on prison corruption from reliable major media sources.
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