Ald. Ameya Pawar launched a bid for Chicago treasurer Monday, saying he wants to create a public bank so the city can stop paying out banking fees for basic financial services and instead use the savings for affordable housing and investments in neighborhoods.

Pawar, who’s stepping down as alderman of the 47th Ward and who ran unsuccessfully for governor, said he wants to push a progressive agenda as treasurer. Kurt Summers announced earlier this month that he would not run for re-election as treasurer.

“I’m running in a divisive time, in a time where a few divisive right-wing billionaires and corporations use their billions to shape the political economy,” Pawar said. “They use their money and influence to decide who gets what, to decide who deserves and who doesn’t. All I’m simply saying, is lets harness the power of this office and use our billions to match theirs. The march toward equity begins and starts through the Treasurer’s Office.”

The Treasurer’s Office is largely dependent on the cooperation of the mayor in order to push a financial agenda for the city. Pawar declined to say who he supports to succeed Mayor Rahm Emanuel. “I’m not concerned about being able to work and build coalitions in government. We’ve done that,” he said.