Brockton, Mass. to Debate Divesting from National Banks, Invest in Local Banks
In other action Monday, the council will also hear from members of Brockton Interfaith Community on a proposal for the city and school district to divest from national banks and invest their money locally.
Janine Carreiro, lead organizer for BIC, argues that national banks have a higher rate of foreclosure in Brockton than local lenders, are less likely to negotiate with homeowners, and donít lend as much to small businesses.
ďAs a community, why would we support a lender who is not supporting us?Ē she said.
The Fin Com meeting will be at 7 p.m. Monday at City Hall, 45 School St., and is open to the public.
I've submitted a resolve to discuss having Brockton divest its money from large banks like Bank of America that caused the foreclosure crisis, and for us to invest this money in local banks. I'm supporting BIC's 2+ year effort on this issue. The resolve is attached. The conversation is happening this Monday, 7 pm at City Hall or on local cable.