Today, the New York State Young Democrats (NYSYD) transferred their funds to Amalgamated Bank, known widely as “America’s Labor Bank”. 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.
“NYSYD is putting its money where its heart is,” said Glenn Oldhoff, president of NYSYD. “Our bankroll is more Main Street than Wall Street, and so are our values. In a political reality where money equals speech, unfortunately far more than it should, our organization will speak loudly for a progressive future that holds hard working New Yorkers in its highest regard.”
“I am pleased with our selection of Amalgamated Bank as a new depository for NYSYD,” said Jon Reznick, treasurer of NYSYD. “We live in an era when most banks are struggling with their reputations as well as with their books, an era where everything connected with money is seen as a way of giving your values voice. We are lucky that the only union-owned bank in the United States has many branches conveniently located near the city of New York. Our funds will be kept at a bank which actually talks about its progressive traditions on its website, and their branch manager and team at the midtown branch already know who we are as customers.”
“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. “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.”
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