Wallace proposes public bank solution for sustained growth, improving quality of life


Derrick Wallace - Candidate for District 6 Orange County Commission.
Derrick Wallace – Candidate for District 6 Orange County Commission.

Derrick Wallace, one of the candidates vying to become the next District 6 Orange County Commissioner, has suggested that, the creation of a public bank with funds from the county, city and perhaps Orange County Public Schools (OCPS), ought to be used to help tackle the homeless problem, create jobs  and provide opportunities for small businesses.

Wallace, who spoke exclusively with West Orlando News Online, was responding to approaches to tackling the growing problem of homelessness in Orange County.

“One of the things that I want to push for would be what they call a Public Bank which is a bank basically that’s developed using funding of the County, City, or Orange County Public Schools,” he said. “It’s governmental money that we’re putting somewhere, perhaps on Wall Street where it’s invested. This money can create a bank that can be used to create jobs, provide opportunities for small businesses and help tackle the homeless problem.”

He added: “The public bank would not be in competition with local banks. Local banks will work in conjunction with this bank, so you’re not trying to take business away from a local bank. But this is money that’s sitting somewhere that the County is getting interest on that can be used to develop housing and to lower the debt on some projects that local municipalities can use. Orange County and the School Board (OCPS) are two of the largest organizations in this county and I think that just a little money can solve the housing situation.”

Wallace also shared his thoughts on branding District 6; his top priorities, if elected, and the approach he would adopt to working with the Board of County Commissioners, considered to be particularly conservative.

Read the full interview with Derrick Wallace here.






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