Democratic National Committee Moves Its Money to Amalgamated Bank (union-run bank)
Source: DNC press release
WASHINGTON, Aug. 10, 2012 /PRNewswire/ --The Democratic National Committee (DNC) announced today that it has recently moved its primary banking relationship to Amalgamated Bank, America's Labor Bank. The DNC will use Amalgamated Bank's cash management services to handle its day-to-day banking needs.
Amalgamated Bank was founded in 1923 by the Amalgamated Clothing Workers of America so that workers, labor unions, and progressive organizations would be able to bank with an institution that represented their interests. Today, Amalgamated Bank's largest shareholder is Workers United, an SEIU affiliate.
In announcing the new alliance with Amalgamated, DNC Chair Debbie Wasserman Schultz said, "We are proud to join forces with Amalgamated Bank, an organization with a 90-year legacy of reflecting the values of our nation's middle class. Amalgamated and the Democratic Party share a common heritage of advocating for positive changes in our economy and society to help working men and women achieve their fair share of the American dream. Furthermore, at the DNC, we have a fiduciary responsibility to those who invest in our party; it is critical that we honor their efforts to strengthen our infrastructure and build our organization by partnering with an institution that shares our commitment to standing with America's working families and small businesses, who we believe are the backbone of our country."
Read more: http://www.marketwatch.com/story/democratic-national-committee-moves-its-money-to-amalgamated-bank-2012-08-10
SleeplessinSoCal
(9,123 posts)99th_Monkey
(19,326 posts)freshwest
(53,661 posts)Iliyah
(25,111 posts)Americans need to stand together against the blatant in your face effort of America being bought.
Wilms
(26,795 posts)The DNC is the latest Democratic-based organization to sign up with Amalgamated Bank in the year since the Occupy Wall Street movement started the trend by refusing to open accounts with any bank other than Amalgamated.
Since then, several other Democratic and liberal groups have abandoned their traditional Wall Street banks. America Votes, a group that helps progressive candidates run for office, recently switched to Amalgamated from Bank of America.
"Amalgamated is worker-owned, operates according to progressive values [and] provides great service with much lower fees," said Greg Speed, the executive director of America Votes. "All of that added up to a pretty easy decision for us."
The Democratic Governors Association said it has opened several new accounts with Amalgamated as a sign of supportand fidelity, though its primary accounts remain with Bank of America.
In 2010, the Institute for America's Futurean arm of the liberal group Campaign for America's Futurebegan moving its money from Bank of America into Eagle Bank, which is based in the Washington, D.C., area.
http://online.wsj.com/article/SB10000872396390444900304577581523347082332.html
DonRedwood
(4,359 posts)our payments actually take big chunks off our balance each month now!! it feels so good to see that happening!
eridani
(51,907 posts)Democratic National Committee
http://my.democrats.org/page/s/contactissues
SoapBox
(18,791 posts)Very cool.
American Made
(18 posts)I like it
zentrum
(9,865 posts)....from the grave to remind Democrats of what it means to be a Democrat.
("Progressive Credit Union" is the one we use in our family.)
Odin2005
(53,521 posts)Citizen Worker
(1,785 posts)MrSlayer
(22,143 posts)Why hasn't it always been in there?
joshcryer
(62,276 posts)Daemonaquila
(1,712 posts)I was a director of an org that once used Amalgamated because of it's politics. Their service was awful, so bad that we pulled out after years of doing business with them.
aquart
(69,014 posts)alp227
(32,034 posts)joshcryer
(62,276 posts)Given how people wanted them to move the convention and all. A meager (though imo thoughtful) gesture at best.