Thank you for your article dated September 1 regarding local efforts to encourage the creation of a public bank for the City of Philadelphia.
This is such an important topic for our city that has too famously been dubbed "America's Poorest Large City." The article highlighted several financially-successful examples of cooperative and public banking outside of Philadelphia, showing how local financial institutions are better positioned than mega banks to support local and sustainable wealth-building enterprises.
The article also referenced Mayor Kenney's unfortunate stance and his …
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Thank you for your article dated September 1 regarding local efforts to encourage the creation of a public bank for the City of Philadelphia.
This is such an important topic for our city that has too famously been dubbed "America's Poorest Large City." The article highlighted several financially-successful examples of cooperative and public banking outside of Philadelphia, showing how local financial institutions are better positioned than mega banks to support local and sustainable wealth-building enterprises.
The article also referenced Mayor Kenney's unfortunate stance and his failure to enact the Philadelphia Public Financial Authority (PPFA), a precursor to a public bank, which City Council passed into law on March 17 of this year. The City Council voted 15-1 for the creation of the PPFA. The mayor's inaction here is unconscionable, undemocratic, and in violation of city law (ordinance 210956), which required that the mayor shall appoint a board of directors to operationalize the PPFA.
Nicole Levy
West Philadelphia
