The New Bottom Line, which has been focused on anti-bank actions around foreclosures and Wall Street greed, has launched a “Move Our Money” campaign, which encourages local governments to divest their funds from big banks. In over 50 cities across the country, coalition members will press for legislation to move local government funds. November 5 is move your money day.
|By: David Dayen Monday October 31, 2011 1:45 pm|
|By: David Dayen Tuesday October 25, 2011 6:28 pm|
When ordinary citizens take their savings out of big banks, it has a small effect, but it would take lots and lots of take-up for that to really hurt those behemoth financial institutions which have such market share. By contrast, when a municipality, particularly a large municipality, moves their money out of a big bank, that can have an impact on behavior. This is particularly true if the municipal governments cite specific reasons, like a failure to modify mortgages for their constituents or a failure to maintain dilapidated, foreclosed properties, for moving the funds.