Create a Public Bank in Philadelphia

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Create a Public Bank in Philadelphia

City Council & Mayor of Philadelphia

A public bank is an essential tool for community reinvestment of public funds. The City can move its money from Wall Street institutions and for-profit banks to a Public Bank owned and controlled by the people. This public money can be used to finance much needed community projects.

Sponsored by

Philly Neighborhood Networks

To: City Council & Mayor of Philadelphia
From: [Your Name]

We, the undersigned organizations, urge our public officials to support the creation of a public bank owned by the people of Philadelphia. Such a public bank would:

- Hold City funds as an authorized depository institution;

- Leverage those funds to promote low-cost housing, renewable energy and energy efficiency, public education, cooperatively-owned businesses, economic development in communities historically denied fair and equitable access to credit, and other programs that serve the interests of people before profit;

- Finance public infrastructure projects and reduce the City’s costs of borrowing;

- Be governed by a Board that is politically independent and includes voices from underserved communities;

- Operate with transparency, accountability, and democracy under professional management.

We request that you take all steps necessary to create a public bank for Philadelphia.