Hilltown Resident Works Towards a Community-Based Democratic Economic System

The Revolution with a Bank

Common Good Finance launched a grassroots membership campaign to finance the chartering of a bank, which will offer community members full local control and a true voice in their financial future. Presentations are scheduled in three western Massachusetts towns: Amherst, Northampton, and Pittsfield. (Courtesy Photo: Common Good Finance Founder William Spademan making a presentation in the Common Good Festival Money Tent.)

Becky Meier writes:

With the threat of the U.S. government defaulting on its debts, a rising unemployment rate, and continuing foreclosures, there’s very little good news about the economy. The non-profit organization, Common Good Finance, has a plan to turn that around.

Founded by William Spademan of Ashfield, Massachusetts, Common Good Finance has launched a grassroots membership campaign to finance the chartering of a bank, which will provide a full range of conventional FDIC-insured banking services to area residents and business owners. Unlike other banks, however, the Common Good Bank will offer community members full local control and a true voice in their financial future: every member will have an equal vote in setting policy. Community members will gather to decide for themselves what their funding priorities should be — for sustainable agriculture and energy systems, for local self-reliance, for ensuring that everyone has healthy food, a home, healthcare, satisfying work, and a livable world.

Common Good Finance launched its grassroots campaign with the first ever Common Good Festival on July 10th on the Amherst Town Common. The Festival drew hundreds of attendees, 30 vendors, 20 non-profit tables, and six outstanding musical groups. In the Money Tent, attendees were introduced to “the revolution with a bank”.

Follow-up presentations for people familiar with the concept, as well as for those hearing about it for the first time, are scheduled on:

  • Wednesday, August 3, from 7-9 pm at the Bangs Community Center, 70 Boltwood Walk, in Amherst, MA,
  • Tuesday, August 9, from 7-9 pm at the Frances P. Crowe Community Room, on the lower floor of the Media Education Foundation in the historic firehouse at 60 Masonic Street in Northampton, MA, and
  • Thursday, August 11, from 7-9 pm at the First United Methodist Church, 55 Fenn Street, in Pittsfield, MA.

The presentations, which are free and open to the public, will include a short introduction, the Money Game, and questions and answers. Everyone is welcome.

To learn more about Common Good Finance, go to: www.commongoodbank.com or email info@CommonGoodBank.com. If you have questions about the presentations, email Becky Meier at beckyjmeier@commongoodbank.com or call Janet Henderson at 413-347-0252.

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