Are Bankers Essential Workers?

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Abstract

A progressive political agenda calls for public banking and finance institutions (PBFIs) to be widespread and large enough to meet the challenges of catastrophic climate change, economic exploitation, racial exclusion, and sustainable economic development. To fully succeed, we need the federal government and the Federal Reserve to underwrite PBFIs to the same extent they have supported private finance over the last several decades. Drawing on recent activist efforts and proposals, we describe models that move us toward these goals.