Peralta Moves Funds From Banks

Abel Guillén

The Peralta Colleges Board of Trustees has vote to demonstrate its support of the principles of the Occupy Movement by beginning the process of moving its assets from large banking institutions.
The resolution, introduced by Trustee Abel Guillén, asks the Peralta’s Chancellor, Wise E. Allen, to provide the board with a list of recommendations on how best to bring about a timely, efficient and responsible redirection of financial resources.
“This is a concrete and practical action to shift our financial resources, and that reinvesting in our community and education, we can put our money where our mouth is,” said Guillén. “We hope other institutions of higher learning will look at Peralta, and take a similar leadership role as we has done.”
“The resolution states that Peralta’s mission is better aligned with the goals of community banks, membership-based credit unions, and community development financial institutions (CDFIs), that often operate from a ‘triple-bottom-line’ that allows them to place importance on educational, financial, social and environmental goals while meeting the needs of its communities,” said Guillén.
The Peralta Colleges – Berkeley City College, College of Alameda, Laney and Merritt Colleges in Oakland – serve 30,000 students, employ more than 1,500 teachers and staff, and have an annual budget of $140 million.
. “Something exciting is happening in our society. People are waking up to their own power, their own sense of indignation at the way that wealth is being shifted, and that financial institutions have not been held accountable,” said Peralta Trustee Nicky González.
According to the resolution’s supporters, the board’s decision is similar to the call recently made by the Occupy Movement to transfer accounts from large institutions to smaller banks. The movement has identified the financial misconduct of big banks as a main culprit for the nation’s growing economic inequality.