The Practical Bank

The Practical Bank
The “First Practical Bank of Chicago” is a bank where the depositors decide where the deposits are invested.

“What would you do with a million dollars?” As individuals we don’t have a million dollars but collectively we do. How different would local investment look if locals decided where to invest instead of remote fund managers? This participatory performance requires the audience to join the bank, make deposits, apply for loans, and vote on proposals. The results are simulated on a screen where local investments are mapped and their economic projections calculated as a picture of local wealth. Then comparisons are made to typical banks like Chase and BofA.

In this bank there are no highly paid executives, no big bonuses to pay out, and there is no interest. It is owned and run by the depositors. Loan officers are elected from the depositors and their salary never exceeds the Area Median Income. In this way their futures are tied to their neighbor’s futures. The bank makes money through land rent. But instead of the rent going to third party investors it goes back into the collective investment pool owned by the depositors. It’s a neighborhood paying rent to itself instead of to an outside entity. This way a community sees paychecks building local society instead of being syphoned away by the financial system and leveraged against local interests through remote-interested development policies.

The meaning of success for this project:

Groups increase appreciation for cooperative skills
Groups increase appreciation of collective resources
Expanded belief in terms of what is possible
Gain a critical view of financialization
Cultivate pride in collective wealth
Revoke shame around economic position

Featuring:
Portable Bank Building
Real Time Proposals and Projections on Big Screen
Coffee and doughnuts
Singing tellers and security guards