The Democratic National Committee moves its money

The Democratic Party is emulating Markos. Even while the move your money movement was taking tens of billions of dollars out of Wall Street, even as some cities were moving their money, the Democratic National Committee was banking with Bank of America. No more'and the DNC has chosen to move its money to Amalgamated Bank, which is the only union-owned bank in the United States.

In a release announcing the decision, Amalgamated president and CEOP Edwards Grebow said: 'The DNC joins a growing chorus of non-profit groups, labor unions, and progressive organizations that are choosing to bank with an institution that understands and is fighting for the values of all hardworking American families, and we are proud to have their business.'

Greg Sargent notes that this move comes as unions' refusal to bankroll the Democratic National Convention in Charlotte continues to make news; that probably is a key factor in this decision as the DNC looks to improve the relationship by making it a little less one-sided. But while taking money out of Bank of America and putting it in Amalgamated is a good move at any time, think how powerful it would have been if the DNC had done this last fall, as credit unions and other non-big bank financial institutions were gaining hundreds of thousands of accounts. The exact same move nine months ago would not only have been a move toward the union movement but a stand with a broader populist movement against Too Big to Fail. The DNC's move to Amalgamated is both a win and a reminder of how much bigger a win it could have been.