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Supporting Our Adversaries

With more than $3 trillion in Taft-Hartley and public sector pension funds in the United States, every dollar of profit these funds generate for the mega-banks is money that is not only lost from the labor movement … it is money used against the labor movement, our values and our causes.

Whether hosting anti-union conference calls or contributing to anti-union politicians on the national, state and local levels, these mega-banks use profits derived from union investments to undermine our very existence. Yet most in the labor movement blindly continue to bank with them even as these banks support those who would destroy us.

And with hundreds of millions, if not billions more, in general fund investment and deposit dollars, the greater labor movement disperses its critical capital to adversarial financial institutions, as it always has. But it does not have to. We can change. We have a choice.

It is time we looked at the value of our collective capital and targeted its worth to the survival of organized labor. We can do this. We have an option. It is Bank of Labor. Together, we can build a bank that rivals any bank in North America and possibly the world … but one that shares the interests, the values and the vision of our labor movement.