Our state and local governments are facing drastic revenue shortfalls that threaten our communities with devastating cuts. We need direct federal aid to state and local governments in this dire time of need, but we cannot stop there. American taxpayers spend more than $160 billion every year in interest payments on debt, even though the risk of municipal default is virtually nonexistent. We need to redesign our municipal finance system to make it work for taxpayers. The Federal Reserve can play a critical role by offering long-term loans to state and local governments and government agencies without charging any interest or fees. Long-term, zero-cost loans from the Federal Reserve will help us ensure our taxpayer dollars go towards strengthening our social safety net by funding essential community services.

We are calling on elected officials across the country to sign onto our letter calling on Federal Reserve Chair Jerome Powell to offer long-term, zero-cost loans to state and local governments.

The letter can be found here: http://bit.ly/fedletter

To sign onto the letter, either fill out the form below or email Saqib Bhatti, saqib@acrecampaigns.org.