WASHINGTONIANS FOR PUBLIC BANKING
This Week In Banking
“Banks Report Record Profits While Millions of Americans Take on More Debt”
Four supporters of public banking have been appointed as experts to the Washington Public Banking On July 7th, the San Francisco Board of Supervisors voted 9-2 to place a measure on the ballot that would be the first step in creating a city-owned-and-operated public bank. The sponsor of the legislation, Five of the largest banks in the United States have reported record profits during their most recent financial quarter. Combined, JP Morgan Chase, Goldman Sachs, Bank of America, Citigroup, and Wells Fargo reported profits of $49 billion; a 39% increase from the previous year. JP Morgan Chase, the largest American bank by assets size, achieved the highest quarterly profits of any bank in United States history. During the quarter, its profits jumped 41% to $21.2 billion, far exceeding what analysts had expected. The dramatic over performance was the result of equities trading as JP Morgan Chase’s traders managed to take advantage of recent market volatility created by the Iran War. Second on the list was Goldman Sachs, which made $20.3 billion in profits. A significant portion of their profits came from advising fees for mergers and acquisitions, which surged globally in 2026, and is set to reach over $4 trillion in deals by the end of the year. Generally, the high profitability of the banking sector appears to be caused by the high interest rates that the Federal Reserve has upheld to deter inflation. Despite those high interest rates, consumers have been paying their debts, which has kept delinquencies relatively low. Still, recent research from the Urban Institute has indicated that millions of Americans are taking on more debt and draining their savings.
EVENTS
NEXT WEEK!
"Washington's Public Banking Future"
Featuring Don Morgan, President and CEO of the Bank of North Dakota
Don Morgan, President and CEO of the Bank of North Dakota—the only state owned and operated public bank in the country—is touring Washington state. During his talk, President Morgan will discuss how the Bank of North Dakota operates, and how we can bring this unique institution to Washington.
Information on the events is below.
Tacoma:
Tuesday, July 21st, 6:00 pm - 7:30 pm
First United Method Church of Tacoma
621 Tacoma Ave S, Tacoma, WA 98402
with Special Guest: State Senator Yasmin Trudeau
Register Today
Seattle:
Wednesday, July 22nd, 6:00 pm - 7:30 pm
The Metropole Seattle
423 2nd Ave Ext S, Seattle, WA 9810
with Special Guest: CEO of Seattle's Social Housing Developer Tiffani McCoy
Register Today *
* space limited
Bellingham:
Thursday, July 23rd, 6:00 pm - 7:30 pm
The Bellingham Unitarian Fellowship
1207 Ellsworth Street, Bellingham, WA 98225
with Special Guest: State Senator Liz Lovelett
Register Today
Washingtonians for Public Banking and Money on the Left Presents
"Seattle Public Banking Roundtable"
Thursday, July 30, 6:00 pm - 7:00 pm
Beacon Hill Library
2821 Beacon Ave S #5813, Seattle, WA 98144
Join an organized discussion on the creation of a public bank--”the Seattle Loop”--in the Seattle and King County area with local advocates and experts.
Register Today
Washingtonians for Public Banking and Money on the Left Presents
"On Democratic Public Finance"
Friday, July 31, 6:00 pm - 7:00 pm
Central Co-op
4502 North Pearl Street, Tacoma, WA 98407
In this talk, Scott Ferguson introduces Democratic Public Finance, an emerging economic paradigm that re-frames money as a public institution.
Register Today
Washingtonians for Public Banking and Tacoma DSA Presents
"Tacoma/Pierce County Public Banking Roundtable"
Tuesday, August 11, 6:00 pm - 7:00 pm
South Tacoma Library Branch
3411 S 56th St. Tacoma, WA 98409
Join an organized discussion on the creation of a public bank for the Tacoma and Pierce County area with local advocates and experts.
Register Today
Washingtonians for Public Banking's Virtual Town Hall
"The Public Banking Movement in California"
Tuesday, August 18, 6:00 pm - 7:00 pm
In this presentation, Trinity Tran, executive director of Public Banking LA, will discuss the public banking movement in her state, and the struggle to create city and county public banks throughout California.
Register Online
The Public Banking Institute Conference
"Public Banking, Public Prosperity: A Declaration of Financial Independence"
Wednesday, October 21 to Saturday, October 24
The Public Banking Institute's conference "Public Banking, Public Prosperity: A Declaration of Financial Independence" is happening in Philadelphia, Pennsylvania from October 21-24, 2026. This national gathering marks a new beginning to the campaign of civic action to establish city, county, and state public banks for the restoration of local financial sovereignty.
Register Today
DONATE
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Washingtonians for Public Banking (WPB) needs your help!
Please consider donating to WPB, preferably on a monthly basis—no contribution is too small—to help us continue with our work. It is because of all our supporters that WPB can keep up the fight for public banking. With your support, we can win a more democratic, equitable, and sustainable banking sector in Washington state.
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