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Catalyzing worker co-ops & the solidarity economy

Only Halfway to Economic Democracy

As CEO for over 30 years of the National Federation of Community Development Credit Unions (now Inclusiv), I worked to create the CDFI Fund at the U.S. Treasury. I regard the growth of the CDFI Fund as one of the foremost domestic policy achievements of the last half-century. But as I have argued in my book, Democratizing Finance, CDFIs have only moved us halfway toward financial democracy. They have indeed broadened access to capital for poor and financially excluded communities. But they have not, with certain exceptions, transferred control over capital to those communities. Neither have they transformed or challenged the mainstream banking system

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