We're proud to announce
that in 2018, over 30 influencers working with Real Money Moves took action on the issue of big banks financing private prisons, and their role in family detention and mass incarceration. Alongside grassroots activism by the #FamiliesBelongTogether coalition and the #BackersOfHate campaign, Real Money Moves's leadership helped influence JPMorgan Chase and Wells Fargo, who publicly committed to ending their financial ties to private prisons.
Now that the largest banks in the US will no longer underwrite loans and bonds for the private prison companies behind family detention, it’s feeling inevitable that other big banks like Bank of America, US Bankcorp, SunTrust, and BNP Paribus to follow suit. This won’t happen without public pressure, however. If you are a customer at one of these banks still financing private prisons, please email us at firstname.lastname@example.org with the subject line “What’s Next?” to find out how you can take action today.
What's So Bad About Private Prisons?
Media coverage of the family separation crisis has highlighted the abuses perpetrated by private prisons, and the Department of Justice itself has noted that private prisons are more dangerous for both inmates and guards than government run facilities. But that's just the tip of the iceberg.
Private prisons have a long history of profiting from mass incarceration. They make money by locking up as many people as possible for as long as possible, which is why they've spent $25M on lobbying over the past three decades to push for harsher criminal justice and immigration laws.
What Does Immigrant Detention Have to do with Private Prisons?
What’s My Role In All Of This?
Most of us don’t know where our money spends the night. For example, when you put your money in the bank, it doesn't just sit in a vault somewhere. The bank lends it out to companies through loans and also invests it in stocks in order to make a profit.
Last year, Wall Street banks like JPMorgan Chase, Wells Fargo, Bank of America, BNP Paribas, SunTrust, and U.S. Bancorp loaned millions of dollars to help finance private prisons and immigrant detention. Many of these banks are also members of the “Million Shares Club” — investors who own over 1M shares in the biggest private prison operators, GEO Group and Core Civic. If you have money at one of those banks, this means that your hard earned dollars could be funding the private prison industry – as well as sweatshops, fossil fuels and much more!
What Can I Do About it?
We know a better way! Real Money Moves is providing resources to help you navigate the process of moving your money to match your values, so you can truly own what you own.
Ready to make some #RealMoneyMoves?