New York State Young Democrats Congratulate Democratic National Committee for Moving to America’s Labor Bank


NEW YORK, NY, August 13, 2012: Today, the New York State Young Democrats (NYSYD) congratulated the Democratic National Committee (DNC) and its chair, Congresswoman Debbie Wasserman-Schultz (D-FL), for deciding last Friday to transfer its day-to-day banking needs to Amalgamated Bank, known widely as “America’s Labor Bank”. Last month, NYSYD transferred its own funds to Amalgamated Bank and has since been advocating for other chapters to follow suit.

“It is a proud day when NYSYD can say we helped lead the charge for organizations as prominent as the Democratic National Committee,” said Glenn Oldhoff, president of NYSYD. “Building a stronger New York and a stronger America requires responsible banking partners who prioritize the value of our working families. I thank Chair Wasserman-Schultz and the entire DNC for joining us at Amalgamated and for making a loud statement about the value of our party’s future. Our bankrolls are more Main Street than Wall Street, and so are our values.”

“Amalgamated Bank is pleased to be the bank for the New York State Young Democrats Political Action Committee and to join with the state’s young Democrats in their efforts to elect candidates who support the agenda of working families.” said Ed Grebow, Amalgamated Bank’s president and CEO, at the time of last month’s announcement. “Young Democrats are the future leaders of the Democratic Party and of our nation. Providing banking services to organizations like theirs is consistent with the Bank’s mission of supporting organizations aiming to improve the lives of workers in New York State and across the country. The New York State Young Democrats join a growing chorus of non-profit groups, labor unions and progressive organizations who are choosing to bank with an institution that supports the agenda of the 99% and we are proud to have their business.”

Established in 1923 by the Amalgamated Clothing Workers of America, Amalgamated Bank continues the progressive traditions of its founders as the only union-owned bank in the United States. Chartered by New York State, Amalgamated Bank is an FDIC insured commercial bank with $4.2 billion in assets.

The New York State Young Democrats are the official youth arm of the New York State Democratic Committee. They represent Democrats between the ages of 16-36 living in all of New York’s 62 counties.