The City of Philadelphia is considering a public bank.  Like the State of North Dakota, Philadelphia can create its own bank to hold and invest City funds to fulfill our needs, not the needs of multinational corporations funded by monopoly banks.

City Council will hold hearings on the creation of a Philadelphia Public Bank

Here are just some of the specific things a public bank can do that Wall Street can’t.  a Philadelphia Public Bank that we can’t do when we leave our money with Wall Street.

1.  Invest City dollars in capital-starved small businesses, including those owned and controlled by neighborhood residents through community development corporations, and consumer and worker-owned co-ops

2.  Direct lending at low rates to college students

3.  Finance and refinance mortgage loans at low rates

4.  Partner with community banks now threatened with extinction because they don’t have enough capital to lend

5.  Finance green energy improvements to homes and businesses throughout our City

6.  Issue bonds at low interest rates, save the City and School District millions of dollars, and free up precious resources to serve the needs of our families and residents.