Move Our Money campaign on track to move $1 billion from big banks
Washington, DC–(ENEWSPF)–November 8, 2011. In just one week since launching the “Move Our Money” campaign, everyday Americans, congregations, union members, and even millionaire businessmen aligned with The New Bottom Line closed accounts worth almost $50 million at Bank of America and other Wall Street banks. The New Bottom Line plans to move $1 billion from Bank of America, Wells Fargo, JPMorgan Chase and other big banks to community banks and credit unions to hold Wall Street accountable and invest in institutions that support local communities.
Silicon Valley businessman, philanthropist and San Jose PACT-PICO supporter Mike Fox, Sr. divested $8-10 million from Bank of America, including both his personal and family-owned company bank accounts, explaining: “It is going to take wealthy people divesting to send B of A the message that they need to stop foreclosing on our families and stop making money off the backs of our homeowners. It’s going to take all of us to send that message.”
Hundreds of individuals and groups like Virginia Organizing, San Jose PACT-PICO, Washington CAN, SEIU Local 775, Oregon Action, Montana Organizing Project, and clergy associated with LA Voice PICO moved their money as part of the kick off week of the Move Our Money campaign.
While the launch of the Move Our Money campaign coincided with Bank Transfer Day on November 5, this week was just the beginning of The New Bottom Line’s efforts to divest $1 billion from Bank of America and other Wall Street banks. The New Bottom Line is continuing to:
- support and work with community groups, congregations, unions, and other organized groups that want to move their money. The New Bottom Line is providing a toolkit for groups at www.newbottomline.com/move_our_money. More clergy will announce they are divesting congregation funds from the big banks next week.
- introduce 50+ resolutions in cities and towns around the country to divest from the big banks and move taxpayer dollars to community banks and credit unions. The New Bottom Line is supporting local groups with a toolkit including sample legislation at www.newbottomline.com/move_our_money and working with on the ground partners to pass legislation over the coming months.
- provide support and resources that allow individuals and community groups to self-organize public events and actions to move money out of the big banks in their community at www.moveourmoneyusa.org. The website provides tools for creating and promoting events, the how-to’s of putting together a successful action, and a report back form for groups and individuals on the total amount of money moved.
The New Bottom Lineis a new and growing movement fueled by a coalition of community organizations, congregations, and individuals working together to challenge established big bank interests on behalf of struggling and middle-class communities. Together, we are working to restructure Wall Street to help American families build wealth, close the country’s growing income gap and advance a vision for how our economy can better serve the many rather than the few. Coalition members include PICO National Network, National People’s Action (NPA), Alliance for a Just Society, and dozens of state and local organizations from around the country.