COUNCILMAN DEREK S. GREEN TO HOLD HEARING ON PUBLIC BANKING

In Council News, Derek Green, News by PHL Council

Philadelphia, January 21, 2016 – Councilman Derek S. Green introduced legislation to hold hearings to discuss Public Banking in the City of Philadelphia.

Public banking offers the possibility of achieving multiple policy objectives, including stimulating economic development, spurring job creation, reducing municipal debt service, and expanding the tax base, through direct, long-term local lending at below-market rates.  A public bank could partner with community banks to extend reliable affordable credit to small businesses and other community stakeholders, neither acting as a retail establishment in competition with a private bank, nor requiring brick-and-mortar locations, tellers, and or extensive marketing.

WHERE: Philadelphia City Council Chambers, Room 400

WHEN: February 22, 2016, 1:00 p.m.

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Contact:

Meisha Malone Carrington
215-686-3450
meisha.carrington@phila.gov

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