Sunday, February 28, 2010

move your money: A great way to change America’s economy

The effect of the recession is gradually fading away but still many businesses in the U.S could not come out of their financial problems. Many business needs to money for continuation. To help the local businesses, university students in America and financial institutions started a campaign called “Move Your Money.” The idea of this campaign is to help local communities to “develop businesses and overcome the gross wealth inequality in the city.”

Through the campaign, students and financial institutions have planned to move some of the university’s $312 million endowment money to local financial institutions such as banks, credit unions which eventually would help local businesses and rebuild the economy. Students are asking to remove 5% of the school’s cash assets into “Community Development Financial Institution” like the City First Bank.

In many other cities similar campaigns have been undertaken by university students. In New York city, Mayor Michael Bloomberg promised to move 425 million of municipal tax money to local credit unions.

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