Is it a good idea for a municipal government to charter a bank? Austin residents could soon find out.
Item #88 on this week’s Austin City Council agenda would direct the city manager to conduct a “feasibility study on the creation of a public bank.” The city manager would report back to the council by November 1. Far-left councilmember Zo Quadri is the item’s primary sponsor.
According to the draft resolution, federal funding would be available via the “Inflation Reduction Act” of 2022. This funding would be available through a “national clean investment fund” and a “clean communities investment accelerator.”
Skepticism appeared to abound across the political spectrum.
Democrat trial lawyer Adam Loewy asked, “What could go wrong?”
Our guy @CMZoQadri wants the City to run a BANK with taxpayer money to “democratize” banking.
What could go wrong? 🫨 pic.twitter.com/tVl0HxekQu
— Adam Loewy (@LoewyLawFirm) July 12, 2024
U.S. Rep. Chip Roy (R-21) echoed Loewy’s sentiment and called for the state to abolish the city council.
The only hope for Austin is for #TxLege to act & the state take over the budget, safety, & the basics of city management. https://t.co/ChON7pzQLn
— Chip Roy (@chiproytx) July 13, 2024
Creating a municipal bank could be an issue for discussion on the campaign trail this fall and during next year’s legislative session. Concerned Austinites should contact their council member.
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