Nationwide — On Wednesday, September 30, Action Center on Race and the Economy (ACRE) will bring together elected officials, community organizers, labor leaders, and more to launch “Cancel Wall Street,” a campaign pushing for the Federal Reserve to grant cities and states zero cost, long term loans.

To accompany the campaign launch, ACRE is releasing a brand new report explaining how the Federal Reserve granting cities and states zero cost loans would save local governments over $160 billion in interest payments annually. The report reveals how this move would allow local governments to shift taxpayer money away from paying excessive interest to Wall Street investors, and towards dramatically expanding lifesaving public services which are even more urgent in the midst of COVID-19 and a growing economic recession.