Sunday, February 28, 2010
move your money
Move Your Money is a campaign launched by American University students, other universities and financial institutes in Washington Dc to assist local communities to develop businesses and overcome the gross wealth inequality in the city.
The idea is to move some of the university's $312 million endowment money to local financial institutes like local banks and credit unions which will lend out to help local businesses and help revitalize the community. Specifically the students are campaigning to move 5% of the cash assets from the school's endowment into Community Development Financial Institution like the City First Bank.
Move your money in Washington is not a lone event. Actually in some other cities a similar move has been initiated.
In New York City, Mayor Michael Bloomberg has pledged to move 425 million of municipal tax dollars to local credit unions.
In Los Angeles City, the city Council is reportedly considering a measure to move all government money out of big banks that routinely foreclose on citizen's without mercy or trying to keep them in their homes.
Move your money should be a national campaign to encourage individuals and governments to move cash to financial institutions that are more friendly to the local communities and citizens. We have read news stories saying that some big banks are taking foreclosed homes from home owners and sell the homes for their own interest - in a way to take the equity from the owners.