Arianna and Rob Johnson, director of the Economic Policy Initiative at the Franklin and Eleanor Roosevelt Institute, urged Americans to move their money to community banks during an appearance on the Ed Show with Ed Schultz on Wednesday.
Just last week, Arianna and Rob unveiled Move Your Money, a challenge to Americans fed up with too-big-to-fail banks. The initiative encourages account holders to withdraw their money from big, mismanaged banks and move the funds to smaller, better-managed community banks--institutions that are still lending.
Arianna explained that community banks are more likely to lend, and to help fuel a recovery among America's small businesses, "Community banks are much more likely to reinvest that money in the community and actually help create jobs...because... $1000 billion less money has been lent to communities from these four banks that we bailed out."
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