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The Need for a Public Bank

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According to the Federal Reserve, large, white-controlled banks like Bank of America, JP Morgan Chase and Wells Fargo with  $6 trillion in total assets, are the largest suppliers of money.  Black banks, by contrast, have only $4 billion in assets, a minuscule amount compared to the big banks.  Historically African Americans have been “red-lined” when applying for loans and mortgages.  During the great recession of 2007, 35% of African Americans lost their homes because of “liar loans” provided to them by the banking industry.

How can the African American community avoid further victimization and be serviced equitably? This is where public banking comes in. As the name suggests, a public bank is a commercial bank that is government-owned and controlled.  Just like a private bank, it takes deposits and makes loans. However, unlike typical Wall Street banks, public bank loans are limited to those that serve its community, such as affordable housing, education, and minority business loans.  A public bank can also provide inexpensive financing for local infrastructure and green energy.

Public banks won’t be as large as Wall Street banks, but they can be large enough to make a difference. Here in the Bay Area, the revenue collected by local governments and a small percentage of the cash held by local tech companies could provide a public bank a multi-billion dollar deposit base, in other words, enough to finance billions in loans every year.

A public bank can make a monumental difference. Almost everyone who wants to buy a house must afford the monthly payment on the standard 30-year mortgage. If you request a $500,000 mortgage, you will pay 5% interest, with a monthly payment of $2,700 a month.  The public bank could possibly do what Japan and Sweden have already done, which is offer mortgages with terms much longer than 30 years.  A 50-year mortgage at 3% interest would result is an affordable $1,600 a month payment, resulting in a lot more people now able to qualify for housing. Concerns regarding a longer term mortgage resulting in more interest can be thwarted by refinancing, exchanging the 50-year mortgage for one with a shorter term.

Currently, there’s one public bank in the U.S., the Bank of North Dakota. Established over 100 years ago, it works with small local banks to provide student loans, farm credit and other types of financing to North Dakota residents.  It’s been a solid success that hasn’t gone unnoticed.

Late last year, Governor Newsom signed legislation authorizing 10 public banks in California. But despite the Bank of North Dakota’s success, the strong track record of public banks in countries like Germany and the obvious need for alternatives to big Wall Street banks, it’s not clear that local officials will immediately embrace the idea. One reason is simply that it’s new.

So, it’s up to us. We have to let our elected leaders know that one of the best ways to solve our community’s lack of money is to create public banks specifically designed to help us finance our way to prosperity.

Activism

Black Arts Movement Business District Named New Cultural District in California

Located in the heart of District 3, the BAMBD is widely regarded as one of the nation’s most important centers of Black cultural production — a space where artists, entrepreneurs, organizers, and cultural workers have shaped generations of local and national identity. The state’s recognition affirms the district’s historic importance and its future promise.

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Councilmember Carroll Fife celebrates major milestone for Black arts, culture, and economic power in Oakland. Courtesy photo.
Councilmember Carroll Fife celebrates major milestone for Black arts, culture, and economic power in Oakland. Courtesy photo.

By Post Staff

Oakland’s Black Arts Movement Business District (BAMBD) has been selected as one of California’s 10 new state-designated Cultural Districts, a distinction awarded by the California Arts Council (CAC), according to a media statement released by Councilmember Carroll Fife.

The BAMBD now joins 23 other districts across the state recognized for their deep cultural legacy, artistic excellence, and contributions to California’s creative economy.

Located in the heart of District 3, the BAMBD is widely regarded as one of the nation’s most important centers of Black cultural production — a space where artists, entrepreneurs, organizers, and cultural workers have shaped generations of local and national identity. The state’s recognition affirms the district’s historic importance and its future promise.

“This designation is a testament to what Black Oakland has built — and what we continue to build when we insist on investing in our own cultural and economic power,” said Fife.

“For years, our community has fought for meaningful recognition and resources for the Black Arts Movement Business District,” she said. “This announcement validates that work and ensures that BAMBD receives the support it needs to grow, thrive, and continue shaping the cultural fabric of California.”

Since taking office, Fife has led and supported multiple initiatives that strengthened the groundwork for this achievement, including:

  • Restoring and protecting arts and cultural staffing within the City of Oakland.
  • Creating the West Oakland Community Fund to reinvest in historically excluded communities
  • Advancing a Black New Deal study to expand economic opportunity for Black Oakland
  • Ensuring racial equity impact analyses for development proposals, improving access for Black businesses and Black contractors
  • Introduced legislation and budget amendments that formalized, protected, and expanded the BAMBD

“These efforts weren’t abstract,” Fife said. “They were intentional, coordinated, and rooted in a belief that Black arts and Black businesses deserve deep, sustained public investment.”

As part of the Cultural District designation, BAMBD will receive:

  • $10,000 over two years
  • Dedicated technical assistance
  • Statewide marketing and branding support
  • Official designation from Jan. 1, 2026, through Dec. 31, 2030

This support will elevate the visibility of BAMBD’s artists, cultural organizations, small businesses, and legacy institutions, while helping attract new investment to the district.

“The BAMBD has always been more than a district,” Fife continued. “This recognition by the State of California gives us another tool in the fight to preserve Black culture, build Black economic power, and protect the families and institutions that make Oakland strong.”

For questions, contact Councilmember Carroll Fife at CFife@oaklandca.gov.

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Activism

Ann Lowe: The Quiet Genius of American Couture

Lowe was born in Clayton, Alabama, into a family of gifted seamstresses. Her mother and grandmother were well-known dressmakers who created exquisite gowns for women in the area. By the time Lowe was a young girl, she was already showing extraordinary talent — cutting, sewing, and decorating fabric with a skill that far exceeded her age. When her mother died unexpectedly, Lowe – only 16 years old then – took over her mother’s sewing business, completing all the orders herself.

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Photos courtesy of National Archives.
Photo courtesy of National Archives.

By Tamara Shiloh

Ann Cole Lowe, born Dec.14, 1898, was a pioneering American fashion designer whose extraordinary talent shaped some of the most widely recognized and celebrated gowns in U.S. history.

Although she designed dresses for society’s wealthiest families and created masterpieces worn at historic events, Lowe spent much of her life in the shadows — uncredited, underpaid, yet unmatched in skill. Today, she is celebrated as one of the first nationally recognized African American fashion designers and a true visionary in American couture.

Lowe was born in Clayton, Alabama, into a family of gifted seamstresses. Her mother and grandmother were well-known dressmakers who created exquisite gowns for women in the area. By the time Lowe was a young girl, she was already showing extraordinary talent — cutting, sewing, and decorating fabric with a skill that far exceeded her age. When her mother died unexpectedly, Lowe – only 16 years old then – took over her mother’s sewing business, completing all the orders herself. This early responsibility would prepare her for a lifetime of professional excellence.

In 1917, Lowe moved to New York City to study at the S.T. Taylor Design School. Although she was segregated from White students and forced to work separately, she, of course, excelled, graduating earlier than expected. Her instructors quickly recognized that her abilities were far above the typical student, especially her skill in hand-sewing, applique, and intricate floral embellishment – techniques that would become her signature.

Throughout the 1920s and 1930s, she designed gowns for high-society women in Florida and New York, operating boutiques and working for prestigious department stores. Her reputation for craftsmanship, originality, and elegance grew increasingly. She was known for creating gowns that moved beautifully, featured delicate hand-made flowers, and looked sculpted rather than sewn. Many wealthy clients specifically requested “an Ann Lowe gown” for weddings, balls, and galas.

Her most famous creation came in 1953: the wedding gown worn by Jacqueline Bouvier when she married Massachusetts Sen. John F. Kennedy. The dress – crafted from ivory silk taffeta with dozens of tiny, pleated rosettes – became one of the most photographed bridal gowns in American history. Despite this achievement, Lowe received no public credit at the time. When a flood destroyed her completed gowns 10 days before the wedding, she and her seamstresses worked day and night to remake everything – at her own expense. Her dedication and perfectionism never wavered.

She eventually opened “Ann Lowe Originals,” her own salon on New York’s Madison Avenue. She served clients such as the Rockefellers, DuPonts, Vanderbilts, and actresses like Olivia de Havilland. Yet even with her wealthy clientele, she struggled financially, often undercharging because she wanted every dress to be perfect, even if it meant losing money.

Lowe’s contributions were finally recognized later in life. Today, her exquisite gowns are preserved in museums, including the Smithsonian National Museum of African American History and Culture and the Metropolitan Museum of Art.

In the last five years of her life, Lowe lived with her daughter Ruth in Queens, N.Y. She died at her daughter’s home on Feb. 25, 1981, at the age of 82, after an extended illness.

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Activism

BRIDGE Housing President and CEO Ken Lombard Scores Top Honors for Affordable Housing Leadership

The Development Company of the Year honor represents a milestone for BRIDGE Housing, which received the Gold award—its top designation—in a category that included both affordable and market-rate developers. The recognition caps what has been one of the strongest growth periods in the organization’s 42-year history.

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BRIDGE Housing President and CEO Ken Lombard. Courtesy of BRIDGE Housing.
BRIDGE Housing President and CEO Ken Lombard. Courtesy of BRIDGE Housing.

By the Oakland Post Staff

San Francisco-based BRIDGE Housing and its president and CEO, Ken Lombard, have been named among the nation’s housing industry standouts, earning two of the top prizes at the 2025 Multi-Housing News Excellence Awards.

BRIDGE Housing was named Development Company of the Year, while Lombard received Executive of the Year, recognition that places the nonprofit affordable housing provider alongside leading national developers of both affordable and market-rate housing.

The awards were announced in New York for the accomplishments achieved during 2024.

Multi-Housing News is one of the industry’s most respected publications. Award winners are selected by a panel of housing professionals, including multifamily developers, architects, and owners.

“BRIDGE Housing is deeply honored to be recognized by Multi-Housing News and our industry peers,” Lombard said. “These awards are a testament to the high-impact, mission-driven work by BRIDGE’s exceptional team to deliver quality affordable housing and support services that empower residents to improve their lives.”

The Development Company of the Year honor represents a milestone for BRIDGE Housing, which received the Gold award—its top designation—in a category that included both affordable and market-rate developers. The recognition caps what has been one of the strongest growth periods in the organization’s 42-year history.

In 2024, BRIDGE significantly expanded its footprint across California, Oregon, and Washington. That momentum continued into 2025, with portfolio growth of 9%, including the addition of nine new communities and 1,187 new or acquired affordable housing units. The nonprofit also added three new projects to its development pipeline as it nears a portfolio of 16,000 units.

The growth reflects a broader strategy aimed at accelerating both acquisitions and ground-up development, supported by partnerships with major financial institutions and innovative capital markets strategies. BRIDGE has also emphasized high-quality design and deep community engagement as central elements of its approach.

BRIDGE became the first affordable housing developer to issue tax-exempt construction bonds for one of the largest affordable housing projects in Portland, Ore., leveraging its strong credit rating.

Earlier this year, the nonprofit launched the BRIDGE Housing Impact Fund, with a goal of investing $1 billion to preserve and create affordable housing. It also closed on $175 million in taxable general-obligation bonds after increasing the offering in response to strong investor demand.

The company’s performance also underscores the role of Lombard, who has led BRIDGE since 2021 and was honored individually for his leadership.

Under Lombard’s tenure, BRIDGE has built a new leadership team with experience drawn from both the nonprofit and private sectors, with a particular focus on what the organization describes as efforts to “break the status quo,” especially in affordable housing finance. Those initiatives have helped reduce capital and construction costs, strengthen relationships with institutional investors, and expand resident support services.

Today, BRIDGE Housing serves more than 33,000 residents across 139 communities on the West Coast.

“Ken has dedicated his career to innovative real estate solutions that improve the quality of life in underserved neighborhoods,” said Kenneth Novack, chair of BRIDGE Housing’s board of directors. “His visionary leadership and the work of our incredible team have positioned BRIDGE for long-term growth that will extend our impact throughout the West Coast.”

Founded in 1983, BRIDGE Housing has helped create more than 23,000 affordable homes with a total development cost of $6 billion.

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