Regarding the “‘Public banks’ would pose risks, play politics,” piece Feb. 2:
The assertion that public banks would be susceptible to politics flies in the face of how well-run public enterprises function in Colorado. For example, Aurora has three public enterprises — water, wastewater, and golf. Aurora’s golf courses enjoyed a banner year in 2020 as Aurorans eager for sunshine and social interaction during a pandemic hit the greens, and Aurora Water is an award-winning institution for both innovation with the Prairie Waters Project and for taste. None of these enterprises play politics with their services and ratepayers and are transparent and accountable to Aurora residents.
Public banking in the U.S. is a rarity, but it is not out of the ordinary in other nations and is growing in interest here at home due to growing inequity and lack of access to capital in communities on the receiving end of redlining, the legacy of Jim Crow, and other systemic barriers. Ideologically-driven industry opposition is a disservice to the people of our state. As policy makers we should not be afraid of exploring alternatives to build community wealth, lower the cost of public projects, and raise revenue without raising taxes.
I would encourage the industry to not immediately assume the state and municipalities might be looking to compete rather than cooperate with the private sector.
Juan Marcano
Aurora
The author represents Ward IV on the Aurora City Council.
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