Philly Public Bank: Financing the future

Over 30 municipalities throughout the nation are working towards establishing public banks including Philadelphia. The Philadelphia Public Banking Coalition with member organizations that include POWER, Philadelphia Neighborhood Networks (PNN), Reclaim Philadelphia, and UNITE-HERE Local 274 among others has been lobbying for a public bank since 2011. The coalition has had success moving the issue forward with the assistance of Philadelphia City Councilmember at-large Derek Green who in 2019 convinced City Council to fund a feasibility study (https://www.phila.gov/2020-09-30-philadelphia-public-bank-feasibility-study-released/) on its ability to establish and operate a municipally-owned bank. In January, Green introduced Bill #210005 which would authorize the organization of the Philadelphia Public Banking Authority. The measure is currently being reviewed by the Council’s Finance Committee.
Public banks typically are governed by boards that include representatives of the community. Under Green’s proposed legislation the Board of Directors will include six people with at least five years’ experience working on various issues of concern to underserved communities in the city; three people who have experience in some kind of community-focused banking; the Mayor, Council President, and City Treasurer or their designees; and the bank’s CEO. The proposed bank will hold municipal deposits, borrow and lend money, manage municipal investments, issue bonds, and engage in a wide variety of other practices that will further its purpose. According to the bill, the bank will focus on financing projects dealing with renewable energy and energy efficiency enterprises; low-income housing availability; cooperative business development; enterprises paying family-sustaining wages; businesses creating new employment opportunities; transportation projects; and other activities that fill the needs of marginalized communities.
Last year, the coalition held an excellent virtual town meeting that attracted grassroots activists from communities citywide. For the past few months, the coalition has hosted a virtual series on “Financing Philadelphia’s Future.” The next program in the series will be held on Tuesday, July 27th from 4:30 PM to 5:00 PM and will focus on Community Development Financial Institutions (CDFI) with James Burnett, executive director of VestedIn, formerly known as the West Philadelphia Financial Services Institution. To participate in this interactive, virtual discussion register at https://actionnetwork.org/forms/philadelphia-public-bank-coalition-presents-financing-philadelphias-future-with-derek-green?source=direct_link&.
It will be available on Zoom https://us02web.zoom.us/j/85835928783 and live-streamed on the Facebook and Instagram accounts of Green and PNN. Previous Financing Philadelphia’s Future programs can be viewed on the coalition’s website.
SAVE THE DATE: Prior to a City Council public hearing on the legislation, the coalition will host a Public Banking Visioning Summit on Saturday, September 18th to allow local stakeholders to share ideas with legislators and public banking advocates.
For more information and to get involved in the public banking movement contact Green’s office or the coalition at https://philapublicbanking.org/?page_id=249.
Small Business Solutions from the PA Chamber
The Pennsylvania Chamber of Commerce has partnered with the Small Business Development Centers to present a Small Business Solution Series that connects Pennsylvania small businesses with resources to rebuild and succeed. Part I: Protecting Your Small Business from Cyber Attacks will be held Tuesday, July 20, 2021, from 1:00 PM to 4:00 PM. The free, virtual workshop will help small business owners understand the latest IT security threats and provide strategies to protect personal and financial data. Cybersecurity experts from Concurrent Technologies Corporation will discuss the top 5 cybersecurity red flags for small businesses, proactive steps to take to secure your data, and the most cost-effective, risk-reducing steps you can take to secure your business. A question and answer segment is included. Part II, “Digital Transformation and the Future of eCommerce for Small Business” will focus on how to leverage digital transformation and eCommerce to drive business growth and attract new customers during the COVID-19 pandemic and beyond. For more information and to register, visit https://www.pachamber.org/events/details/2139/small_business_solutions_part_1_cybersecurity_and_digital_transformation/ or call 877-866-8965.