Michael Lind: Banks as Public Utilities

Posted by admin on Tuesday, January 24, 2017

Michael Lind Money Quote saying banks should be seen, not as high-profit institutions, but instead like a public utility and laws should protect consumers against high interest rates. Michael Lind said:
 

 

“Banks should be low-profit, publicly-regulated utilities and laws against usurious interest rates, struck down in the U.S. in the late twentieth century, should be restored” — Michael Lind

 

 

In this quote, Michael Lind is advocating for a more socially responsible approach to banking. On a surface level, he argues that banks should operate as low-profit utilities, with their activities more tightly regulated in the public interest rather than prioritizing private profits.

More deeply, Lind also seems to believe usury laws capping interest rates at reasonable levels should be reinstated, suggesting he views some current banking practices as exploitative.

The overall interpretation is that Lind sees the financial sector as having strayed too far from its core function of responsibly serving all members of society through lending.

By making banks utilities with public oversight and restoring protections against excessively high interest, his view is this would help ensure the system works to enable widespread prosperity rather than concentrate gains among a privileged few.