Welcome to the Amalgamated blog, a space for leaders and contributors from inside and outside Amalgamated Bank to share thoughts, opinions, and musings about topics relevant to our bank's mission and customers, the financial industry at large, and national and international affairs. Check back frequently as new blogs are posted on a regular basis.
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Bank-wideThis August marks 100 years since the passage of the 19th Amendment, which guaranteed women the constitutional right to vote in the largest expansion of democracy in the history of the U.S. As we reflect on the significance of this anniversary, it’s necessary to analyze the intersectional dynamics of the suffrage movement and how these tensions continue to play a part in the fight for equitable access to voting today.
Topics:August 26, 2020 - Image
Bank-wideThe Department of Labor has issued a proposed rule that would make it even harder for pension funds to invest in ESG products. They are calling for a higher administrative burden that would effectively warrant ESG as an unlikely investment options. At Amalgamated Bank, we think this is wrong and oppose the DOL proposed rule.
July 30, 2020 - Image
Bank-wideDespite a slew of negative economic reports and meeting the official definition of entering into a recession, the stock market is up more than 40% from its March lows. Probably the most common question we receive is why is this decoupling of the broader economy from the equity market occurring?
July 29, 2020 - Image
Bank-wideMorgan Stanley’s announcement that they are joining the Partnership For Carbon Accounting (PCAF) is evidence of the gradual shift in the banking sector towards meaningful climate action. It is also a big victory for values based banking and for all those clients and customers who have decided to put their money where their values are.
July 15, 2020 - Image
Bank-wideAmalgamated Bank was disappointed to hear of the Supreme Court’s decision to affirm a Trump Administration order that would allow employers to limit access to contraception under the Affordable Care Act. We joined an amicus brief before the ruling in support of universal access to contraception and condemn this ruling, which will affect an estimated 126,000 women.
July 10, 2020 - Image
Bank-wideEach June, I can usually be found doing two things: attending LGBTQ Pride parades and refreshing SCOTUSBlog for updates on major Supreme Court cases. I knew that I wouldn’t be attending any parades this year due to COVID-19, but I never expected to hear Monday’s Supreme Court ruling confirming that the Civil Rights Act of 1964 applies to discrimination based on sexual orientation and gender identity.
Topics:June 17, 2020 - Image
Bank-wideLast week, Amalgamated Bank issued a public statement on our support for Black Lives Matter and promised that tangible actions would be forthcoming. I am sharing with you where we are now, just a little over a week later, and where I believe we can head in the future.
Topics:June 11, 2020 - Image
Bank-wideAmalgamated Bank believes that Black Lives Matter and that the horrendous death of George Floyd is just the latest example of the explicit racism embedded within our country’s entire criminal justice system. We believe the oppression of Black people must end now.
June 1, 2020 - Image
Bank-wideAmalgamated Bank applauds and appreciates the actions of Congress to increase funding for the Small Business Administration (SBA) Payroll Protection Program (PPP), specifically creating carve outs for local banks, minority deposit institutions, and community development financial institutions.
Topics:April 23, 2020 - Image
Bank-wideAmalgamated Bank is urging Congress to act swiftly to support the more than 30 million nonprofits and small businesses that were unable to access the first round of Small Business Administration (SBA) Payroll Protection Program (PPP) loans.
April 20, 2020 - Image
Bank-widePlease read the letter Keith Mestrich, President and CEO of Amalgamated Bank, wrote to Dan Cardinali, President and CEO of Independent Sector, about how Amalgamated shares a common mission with Independent Sector to ensure the nonprofit sector is well resourced as they support workers and families devastated by the COVID-19 crisis.
April 8, 2020 - Image
Bank-wideThis month we turned 97 years old so we’ve seen our share of up and down times. We’ve navigated through depressions, recessions, world wars, bubbles, artificial highs and some very real lows. But we have never before seen anything like the present. The COVID-19 virus is having a far-reaching effect, not just on our business, but on our families, our communities and our nation’s financial future.
March 24, 2020