News StoriesExcerpts of Key News Stories in Major Media
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In 1953, a paper developed for cigarette maker RJ Reynolds detailed possible cancer-causing agents in tobacco, but the document would remain hidden from public view for decades. In the interim, the industry told the public: “We don’t accept the idea that there are harmful agents in tobacco.” The chemical industry, it seemed, took note. Just a few years later, DuPont scientists found PFAS enlarged lab rats’ livers and likely caused birth defects in workers. Still, the company told its employees the cancer-linked compounds are “about as toxic as table salt”. Like the tobacco industry before it, the chemical industry managed to keep PFAS’s health risks hidden from the public for decades. A new peer-reviewed study dissecting PFAS producers’ public relations strategies provides a smoking gun timeline composed of industry studies and comments from DuPont and 3M officials showing they knew the dangers, but publicly insisted the chemicals were safe. Between 1961 and 2006, the authors identified dozens of instances where DuPont or 3M scientists discovered or acknowledged PFAS toxicity internally, but did not publish the findings or report them to the EPA, as required under federal law. DuPont’s chief toxicologist in 1961 found rats’ livers enlarged at very low doses of exposure, a health impact recognized as “the most sensitive sign of toxicity.” The report recommended PFAS be handled “with extreme care” and that “contact with the skin should be strictly avoided.”
Note: These chemicals have contaminated 41 percent of US tap water. For more along these lines, see concise summaries of deeply revealing news articles on corruption in science and in the corporate world from reliable major media sources.
A number of hospitals have been sued for refusing to allow patients dying of COVID to receive treatment with ivermectin. If the hospital lost, it appealed the decision, even if the patient did receive ivermectin and recover, according to attorney Andrew Schlafly in the summer issue of the Journal of American Physicians and Surgeons. “Hospitals wanted to establish precedents for their side, so that next time they could deny treatment by pointing to appellate decisions in their favor,” Schlafly writes. They adopted a “strategy of seeking to establish precedents that increased their authority, and to remove any precedents against unlimited power for them.” Ivermectin is a long-established safe drug that is widely used to treat parasitic infections. It has also been shown to have antiviral activity. Many physicians have reported successful use in COVID patients, and many though not all studies have shown safety and benefit. Many state appellate courts cite the Food and Drug Administration’s (FDA’s) disparagement of ivermectin as a legal basis for hospitals to deny access by dying patients to this drug, long approved by the FDA as safe. Schlafly writes that the FDA has “been able to evade judicial review for too long. The more the FDA avoids submitting to discovery procedures that are commonplace for every other defendant, the bigger the mushrooms can grow in the dark at this federal agency.”
Note: Explore a comprehensive look into the benefits and uses of ivermectin, despite establishment media's concerted effort to discredit its efficacy and safety. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and the coronavirus from reliable major media sources.
A federal appeals court Friday revived a lawsuit by three doctors who say the Food and Drug Administration overstepped its authority in a campaign against treating COVID-19 with the anti-parasite drug ivermectin. Ivermectin ... has been championed by some conservatives as a treatment for COVID-19. The FDA has not approved ivermectin as a COVID-19 treatment. Friday’s ruling from a panel of three judges on the 5th U.S. Circuit Court of Appeal ... focused on various aspects of an FDA campaign against ivermectin as a COVID-19 treatment. The ruling acknowledged FDA’s receiving reports of some people requiring hospitalization after self-medicating with ivermectin intended for livestock. But the ruling said the campaign — which at times featured the slogan “You are not a horse!” — too often left out that the drug is sometimes prescribed for humans. The doctors can proceed with their lawsuit contending that the FDA’s campaign exceeded the agency’s authority under federal law, the ruling said. “FDA is not a physician. It has authority to inform, announce, and apprise—but not to endorse, denounce, or advise,” Judge Don Willett wrote. “The Doctors have plausibly alleged that FDA’s Posts fell on the wrong side of the line between telling about and telling to.” Drs. Robert L. Apter, Mary Talley Bowden and Paul E. Marik filed the lawsuit last year. All three said their reputations were harmed by the FDA campaign.
Note: Explore a comprehensive look into the benefits and uses of ivermectin, despite establishment media's concerted effort to discredit its efficacy and safety. For more along these lines, see concise summaries of deeply revealing news articles on government corruption and the coronavirus from reliable major media sources.
Less than 2% of the deaths reported by the Centers for Disease Control and Prevention last week were caused by the coronavirus, new data shows. According to the CDC’s COVID-19 dashboard, just 324 deaths logged in the week ending Aug. 19 — 1.7% of all fatalities nationwide — were attributed to the virus. This is a staggering difference from the peak of the pandemic in 2021, when one in three deaths had COVID-19 cited as the main cause. In New York, 2.1% of the deaths last week were tied to the virus. Florida and Maryland have the highest COVID-19 death rates at 3.4%, followed by Washington with 2.4%, while Tennessee and North Carolina each reported 2% — behind New York, but above the national average. The primary cause of death is defined as the condition, injury, disease, situation or event that initiated the chain of events resulting in a person’s death. Weekly COVID-19 deaths are at their lowest numbers since March 2020, according to CDC data. But coronavirus cases recently jumped nationwide — with New York reporting a 55% increase at the beginning of August. The spike came as a new variant — dubbed EG.5, or Eris — emerged as the dominant strain, causing about 17% of COVID cases nationwide.
Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus from reliable major media sources.
A new peer-reviewed study released by a group of scientists in Taiwan has revealed an astonishingly strong link between severe depression, cognitive decline and exposure to the world’s most used herbicide, glyphosate. The study was fully published on Aug. 22 in the highly respected Elsevier Journal, Environmental Research. It was met with silence by the manufacturers of glyphosate-based herbicides such as Bayer/Monsanto, who produce the infamous weedkiller Roundup. The study authors stated that they: “Conducted analyses on existing data collected from 1532 adults of the 2013–2014 U.S. National Health and Nutrition Examination Survey (NHANES) to explore the possible relationship between glyphosate exposure and cognitive function, depressive symptoms, disability, and neurological medical conditions.” The proportion of individuals with detectable levels of glyphosate was 80.4%. The scientists concluded: “Our study provides important evidence of an association between urinary glyphosate levels and adverse neurological outcomes in a representative cohort of U.S. adult population. “Specifically, we observed lower cognitive function scores, greater odds of severe depressive symptoms, and increased risk of serious hearing difficulty in individuals with higher glyphosate exposure.” Some other recent independent studies ... suggest that both glyphosate alone and glyphosate-based herbicides such as Roundup are neurotoxins.
Note: A 2019 study found that glyphosate increases cancer risk by 41%. For more along these lines, see concise summaries of deeply revealing news articles on food system corruption and health from reliable major media sources.
A recent Cochrane Evidence Synthesis and Methods article examines internal pharma industry documents, primarily obtained through litigation. The study finds that the pharmaceutical industry employs numerous ghost management strategies to corrupt research, circumvent and undermine regulations, manipulate consumers, and protect its interests. The authors write: “The scientific literature using internal documents confirmed widespread corporate influence in the pharmaceutical sector. While the academic literature used internal documents related to only a handful of products, our research results, based on ghostmanagement categories, demonstrate the extent of corporate influence in every interstice of pharmaceutical markets, particularly in clinical research and clinical practice.” Analysis of the articles revealed several common ghost management strategies the pharmaceutical industry utilizes. Ghost management is a system of behind-the-scenes processes by which the industry corrupts researchers, clinicians, and regulatory agencies with gifts and bribes and determines what research will be funded, what scientific journals can publish, and how physicians, etc., will present their product. The present research reveals eight broad categories of ghost management: scientific capture, professional capture, regulatory capture, media capture, market capture, technological capture, civil society capture, and others. Scientific capture was the most commonly analyzed ghost management strategy.
Note: For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption from reliable major media sources.
Could plants be the answer to the looming threat of microplastic pollution? Scientists at UBC’s BioProducts Institute found that if you add tannins—natural plant compounds that make your mouth pucker if you bite into an unripe fruit—to a layer of wood dust, you can create a filter that traps virtually all microplastic particles present in water. While the experiment remains a lab set-up at this stage, the team is convinced that the solution can be scaled up easily and inexpensively. For their study, the team analyzed microparticles released from popular tea bags made of polypropylene. They found that their method (they’re calling it “bioCap”) trapped from 95.2 per cent to as much as 99.9 per cent of plastic particles in a column of water, depending on plastic type. When tested in mouse models, the process was proved to prevent the accumulation of microplastics in the organs. Dr. Rojas, a professor in the departments of wood science, chemical and biological engineering, and chemistry at UBC, adds that it’s difficult to capture all the different kinds of microplastics in a solution, as they come in different sizes, shapes and electrical charges. “There are microfibres from clothing, microbeads from cleansers and soaps, and foams and pellets from utensils, containers and packaging. By taking advantage of the different molecular interactions around tannic acids, our bioCap solution was able to remove virtually all of these different microplastic types.”
Note: Explore more positive stories like this in our comprehensive inspiring news articles archive focused on solutions and bridging divides.
Gardening and community gardens can be ways for immigrant and refugee communities to supplement their pantries by growing their own food, especially culturally appropriate food that is not readily found in grocery stores. It also helps people send literal roots down into a new place while maintaining a connection with their homeland. The Arab American National Museum (AANM) has created a new heritage garden on its roof with donated seeds, cuttings, and plants from local Arab American community members around Dearborn, Michigan. These include plants with a connection to the Arab world, but also plants from Michigan that have become meaningful to the Arab American community here. Accompanying the plants in the garden are oral histories of those community members about what gardening means to them, collected by the museum’s community historian. In Ann Arbor, Michigan, Phimmasone Kym Owens ... said, ‘Why don’t I create a garden for refugees?’” In 2021, Owens reached out to Jewish Family Services of Washtenaw County. They formed a partnership to create an innovative refugee-to-refugee community garden program ... and to work with refugees and grow culturally appropriate vegetables. “What sold this as being different is giving autonomy to the clients,” Owens said. “So we had a vote. They voted [for] Freedom Garden. And that’s a name that says it all. The fact that they chose Freedom Garden says exactly what you know, being a refugee, what you want.”
Note: Explore more positive stories like this in our comprehensive inspiring news articles archive focused on solutions and bridging divides.
As flames tore through a West Maui neighborhood, car after car of fleeing residents headed for the only paved road out of town in a desperate race for safety. And car after car was turned back toward the rapidly spreading wildfire by a barricade blocking access to Highway 30. One family swerved around the barricade and was safe in a nearby town 48 minutes later, another drove their four-wheel-drive car down a dirt road to escape. One man took a dirt road uphill, climbing above the fire and watching as Lahaina burned. He later picked his way through the flames, smoke and rubble to pull survivors to safety. But dozens of others found themselves caught in a hellscape, their cars jammed together on a narrow road, surrounded by flames on three sides and the rocky ocean waves on the fourth. Some died in their cars, while others tried to run for safety. The road closures — some because of the fire, some because of downed power lines — contributed to making historic Lahaina the site of the deadliest U.S. wildfire in more than a century. Many of the survivors are angry, and haunted by the thought that a just few minutes of notice could have saved many lives. [Nate] Baird’s neighborhood near Lahainaluna Road was filled with kids who were home alone when the flames hit, he said. “We needed like 10 more minutes, and we could have saved a lot of kids,” he said, choking back tears. “If we’d just had like a 10- or 15-minute warning.”
Note: Despite years of Maui wildfire warnings, Hawaii government officials and Hawaiian Electric did little to address the wildfire threat, spending more on lobbying and peddling influence with regulators and politicians than preventing the fires from happening. For further exploration, watch Robert Kennedy Jr. and former leading BlackRock portfolio manager Edward Dowd discuss this tragic issue.
Those who disobeyed the barricaded road closures during the Maui fires survived the disaster, while many of those who heeded orders to turn around perished in their cars and homes with no way out. At least 114 people were killed in the fires earlier this month, and the FBI is estimating that up to 1,100 more are unaccounted for. Officials are facing increased scrutiny for the emergency response, including why the emergency sirens were not set off and whether closing the roads prevented people from getting to safety. In the early hours of the Maui fires, there were more than 30 power poles downed alongside the Honoapiilani Highway at the south end of Lahaina — a historic town that was decimated in the fires earlier this month. Officials closed Lahaina Bypass Road due to the fires, blocking the only way out of Lahaina to the southern part of the island. Maui Police Chief John Pelletier said during a news conference that officers never stopped people from leaving the area, but the AP report suggests that residents were discouraged from disobeying the barricade. Kim Cuevas-Reyes said that she survived with her two sons by ignoring orders to turn right onto Front Street, which has now been devastated by the fires. Instead, she turned left and drove in the wrong lane to escape the town. “The gridlock would have left us there when the firestorm came,” Cuevas-Reyes [said].
Note: Despite years of Maui wildfire warnings, Hawaii government officials and Hawaiian Electric did little to address the wildfire threat, spending more on lobbying and peddling influence with regulators and politicians than preventing the fires from happening. For further exploration, watch Robert Kennedy Jr. and former leading BlackRock portfolio manager Edward Dowd discuss this tragic issue.
The cashless society is effectively already a reality for most of us, but there remains a minority for whom it represents a continuing headache. The government last week told high street banks that they must offer access to cash machines within three miles of customers after the closure of thousands of branches had reduced the number of ATMs. There are also an estimated to be 1.3 million adults in this country who are “unbanked” – ie do not have a bank account. For them, something as mundane as parking a car is increasingly fraught – a quarter of London councils have removed pay and display parking machines in favour of smartphone-centred apps. The shiny, bright future of full computerisation looks very much like a dystopia to someone who either doesn’t understand it or have the means to access it. And almost by definition, the people who can’t access the digitalised world are seldom visible, because absence is not easy to see. What is apparent is that improved efficiency doesn’t necessarily lead to greater wellbeing. Technology doesn’t have to be dehumanising, but if it’s to avoid that outcome it has to be human-focused, not just consumer-focused, and in particular not just digital-consumer-focused. Cash, like printed air tickets or indeed train tickets, will no doubt one day soon seem as anachronistic as the barter system. In the meantime the transition should focus on ensuring that no one is discounted because they are too old, too poor or too disabled to matter to the gods of efficiency.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and income inequality from reliable major media sources.
A bipartisan group of Senators introduced legislation Wednesday to ensure the Defense Department passes a clean audit next year, with the bill following repeated concerns from Congress about fraud, waste and abuse in the Pentagon. The Audit the Pentagon Act of 2023 would require the Defense Department to pass a full, independent audit in fiscal 2024. Agencies within the Pentagon that fail to pass a clean audit would be forced to return 1 percent of its budget for deficit reduction, according to the legislation. The legislation comes after ... a CBS News report found defense contractors overcharged the Defense Department by nearly 40 percent to 50 percent. According to the Office of the Inspector General for the Defense Department, sometimes overcharging reached more than 4,000 percent. Sen. Bernie Sanders (I-Vt.) said the Pentagon “and the military industrial complex have been plagued by a massive amount of waste, fraud, and financial mismanagement for decades.” “That is absolutely unacceptable,” Sanders said in a statement announcing the legislation. “If we are serious about spending taxpayer dollars wisely and effectively, we have got to end the absurdity of the Pentagon being the only agency in the federal government that has never passed an independent audit.” The Defense Department failed its fifth audit last year and was unable to account for more than half of its assets, or more than $3 trillion.
Note: For more along these lines, see concise summaries of deeply revealing news articles on military corruption from reliable major media sources.
Government borrowing and spending are necessary to stimulate the economy during recessions. The United States, however, now borrows heavily during periods of economic growth to meet basic and ongoing obligations. It’s increasingly unsustainable. Over the next decade, the Congressional Budget Office projects that annual federal budget deficits will average around $2 trillion per year, adding to the $25.4 trillion in debt the government already owes to investors. Borrowing is expensive. A mounting share of federal revenue, money that could be used for the benefit of the American people, goes right back out the door in the form of interest payments to investors who purchase government bonds. Rather than collecting taxes from the wealthy, the government is paying the wealthy to borrow their money. By 2029, the government is on pace to spend more each year on interest than on national defense, according to the Congressional Budget Office. By 2033, interest payments will consume an amount equal to 3.6 percent of the nation’s economic output. The debt ceiling is part of the problem. It was never intended to limit the federal debt. It was actually created to facilitate borrowing. During World War I, Congress got tired of authorizing each new round of bonds, so it gave the Treasury permission to borrow up to a specific limit. Its current use ... is even less productive. Larger changes are going to happen only if both political parties are willing participants.
Note: Explore an excellent analysis of the substantial role that the defense budget has in federal government’s spending, which was not mentioned in this New York Times article. For more along these lines, see concise summaries of deeply revealing news articles on government corruption from reliable major media sources.
Newly declassified documents reveal that Gen. Leslie Groves—director of the Manhattan Project, the top-secret operation that built the atomic bomb during World War II—misled Congress and the public about the effects of radiation. He did so initially out of ignorance, then denial, and finally, willful deception. The documents also show that some scientists in the project, including J. Robert Oppenheimer, director of the Los Alamos lab where the bomb was first tested, kept mum about Groves’ lie rather than dispute him or confront the general directly. The cache of documents ... was released on Monday, within days of the 78th anniversary of the bombings of Hiroshima and Nagasaki and in the wake of the release of Oppenheimer, the wildly (and deservedly) successful film. One of the new documents the archive obtained is a memo by four scientists, titled “Calculated Biological Effects of Atomic Explosion in Hiroshima and Nagasaki,” dated Sept. 1, 1945. Until this memo was written, it had been assumed the A-bomb’s victims would be killed by its blast and its heat. But this memo concluded that at least some of the deaths had been caused by radioactive fallout, days or weeks after the explosions. And yet, the day before the memo’s date, at a press conference in Oak Ridge, Tennessee, Groves said radiation had caused no deaths and that claims to the contrary—some published in Asian newspapers—were “propaganda.”
Note: For more along these lines, see concise summaries of deeply revealing news articles on military corruption from reliable major media sources.
Carbon credit speculators could lose billions as scientific evidence shows many offsets they have bought have no environmental worth and have become stranded assets. Amid growing evidence that huge numbers of carbon credits do nothing to mitigate global heating and can sometimes be linked to alleged human rights concerns, there is a growing pile of carbon credits ... that are unused in the unregulated voluntary market, according to market analysis. Many of the largest companies in the world have used carbon credits for their sustainability efforts from the unregulated voluntary market, which grew to $2bn (£1.6bn) in size in 2021 and saw prices for many carbon credits rise above $20 per offset. The credits are often generated on the basis they are contributing to climate change mitigation such as stopping tropical deforestation, tree planting and creating renewable energy projects. A new study in the journal Science has found that millions of forest carbon credits approved by Verra, the world’s leading certifier, are largely worthless and could make global heating worse if used for offsetting. The analysis ... found that 18 big forest offsetting projects had produced millions of carbon credits based on calculations that greatly inflated their conservation impact. The schemes, which generate credits by avoiding hypothetical deforestation, were found not to reduce forest loss or to reduce it by only small amounts, far less than the huge areas they were claiming to protect, rendering the credits largely hot air.
Note: For more along these lines, see concise summaries of deeply revealing news articles on financial industry corruption and climate change from reliable major media sources.
The Centers for Disease Control and Prevention (CDC) V-safe website quietly stopped collecting adverse event reports with no reason or explanation. The V-safe website simply states: “Thank you for your participation. Data collection for COVID-19 vaccines concluded on June 30, 2023.” If you go there today, V-safe directs users to the FDA’s VAERS website for adverse event reporting, even though officials continually derided VAERS as “passive” and “unverified.” VAERS and V-safe are mutually exclusive safety collection databases operated by the FDA and CDC, respectively. According to the FDA Vaccine Adverse Event Reporting System (VAERS) database, mRNA “vaccines” have been named the primary suspect in over 1.5 million adverse event reports, of which there are >20,000 heart attacks and >27,000 cases of myocarditis and pericarditis just in the USA alone. VAERS reports represent fewer than 1 percent of vaccine adverse events. Based on VAERS and previous V-safe findings, adverse events from mRNA shots in the USA alone could be considered a humanitarian crisis. Despite those alarming clinical findings, the CDC has concluded that collecting new safety reports is somehow no longer in the interest of America’s public health. Existing data from the V-safe site showed around 6.5 million adverse events/health impacts out of 10.1 million users, with around 2 million of those people unable to conduct normal activities of daily living.
Note: For more along these lines, see concise summaries of deeply revealing news articles on government corruption and coronavirus vaccines from reliable major media sources.
In 2013, the National Vaccine Program Office of the U.S. Department of Health and Human Services (HHS) commissioned an update of earlier findings on the lack of evidence to support claims that the Centers for Disease Control and Prevention (CDC) infant/child vaccination schedule was safe. The Institute of Medicine (IOM) committee [was] charged with producing the update. The lack of information on the overall safety of the vaccination schedule was so compelling that the committee then recommended HHS incorporate the study of the safety of the overall childhood immunization schedule into its processes for setting priorities for research, “recognizing stakeholder concerns, and establishing the priorities on the basis of epidemiological evidence, biological plausibility, and feasibility.” The IOM also recommended the CDC use its private database, the Vaccine Safety Datalink (VSD), to study the overall health effects of the vaccination schedule using retrospective analyses. Ten years later, the CDC has yet to do such a comparison study, even though it is sitting on a vast repository of data in the VSD, which include comprehensive medical records for more than 10 million individuals and 2 million children. The VSD also contains records for a significant number of unvaccinated children, yet the CDC refuses to compare the health outcomes of vaccinated children to completely unvaccinated children. The CDC also prohibits VSD outside researchers from accessing the VSD data.
Note: Read more about how HHS was in violation of the “Mandate for Safer Childhood Vaccines” as stipulated in the Vaccine Injury Compensation Act. For more along these lines, see concise summaries of deeply revealing news articles on vaccines from reliable major media sources.
Community wealth building initiatives are taking hold in cities across the world, strengthening worker pay, local economies and democracy. A recent help-wanted ad for a laundry worker in Cleveland contained some unusual language, asking prospective candidates: “Have you ever wanted to work for a company that is 90 percent employee-owned?” The ad went on to identify Evergreen Cooperative Laundry as the only employee-owned commercial laundry firm in the country, citing a commitment to building the wealth and careers of its employees. The cooperative movement in the Rust Belt city of Cleveland has deep roots in community struggle for shared wealth. Its earliest origins are in the Mondragon co-op movement of the Basque Country in northern Spain, where tens of thousands of workers are organized into a vast co-op network that has flourished since the 1950s. Here in the U.S., when steel companies were closing down throughout the Ohio Valley in the 1970s ... a small band of activists promoted the idea of worker ownership. The model is a simple one: First, identify anchor institutions — hospitals, universities, seats of government — that are not going to relocate in search of higher profits and incentivize them to do their procurement of supplies and services locally, so that those dollars stay at home. Then, make regulatory, financing and policy changes that support the growth of cooperatives to supply their needs, so that the business profits stay with the workers.
Note: Explore more positive stories like this in our comprehensive inspiring news articles archive focused on solutions and bridging divides.
In a recent discussion on the implications of blockchain technology and its democratization of finance, Roundtable anchor, Rob Nelson and Jordan Fried, CEO of Immutable Holdings explored the depth and magnitude of the possible changes ahead. Jordan Fried ... discussed the roots of Bitcoin, stating it was a direct protest against institutions like BlackRock and the financial systems that seemed to work only for the wealthy. Recalling the 2008 financial crisis, Fried expressed the sentiments of many who wondered why banks were bailed out while average individuals suffered. Bitcoin arose from this frustration, offering a transparent financial system unlike anything before. Expanding on this, Fried emphasized the transparency of Bitcoin in comparison to traditional currencies. In Bitcoin's blockchain, every transaction is traceable, unlike the ambiguous dealings within the current banking system. Contrary to common misconceptions ... only a fraction of crime occurs in crypto, as compared to the US dollar. Most financial crimes, including money laundering, are committed in US dollars. Rob Nelson humorously highlighted the recurring financial scandals of banks like Wells Fargo, suggesting that these financial giants often factor in their fines as just another "cost of doing business." In this evolving era of blockchain and cryptocurrency, one thing is clear: the potential impact on the financial world is vast. The very essence of how we view and interact with money is on the cusp of profound change.
Note: Explore more positive stories like this in our comprehensive inspiring news articles archive focused on solutions and bridging divides.
Public banks are typically operated by government or tribal authorities and, in theory, would be chartered to achieve social good and invest in communities. Only two public banks currently operate in the United States: the Bank of North Dakota, founded in 1919, and the Territorial Bank of American Samoa, founded in 2018. Organizations pushing for a public banking option exist in 37 states, according to the Public Banking Institute. In contrast to private banks, which are responsible to their shareholders, public banks are responsible to their boards and are chartered to invest in public needs. The Bank of North Dakota, for instance, is chartered to offer a “revolving loan fund” to farmers, and profits from loans are directed back into the fund to keep interest rates low. The modern movement to invest in public banks grew out of the 2008 financial crisis and was galvanized during the pandemic, fueled by a populist distrust of the banking and finance sectors. In October 2020, Representatives Alexandria Ocasio-Cortez and Rashida Tlaib introduced the federal Public Banking Act, which would allow state and local governments across the country to create public banks. In the first two months of 2021 there were sixteen bills across the country designed to pave the way for public banks. Supporters of public banks are hoping that any deposits from state and local governments can be used to fund community-based projects that have trouble getting funded by private banks.
Note: Explore more positive stories like this in our comprehensive inspiring news articles archive focused on solutions and bridging divides.
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