Why Philadelphia Needs a Public Bank

A Digital Town Hall

Philadelphia—On Tuesday, September 1, at 7pm, the Philadelphia Public Banking Coalition, in partnership with a variety of community activist organizations, is hosting a Town Hall on how public banking is an essential tool in the fight against systemic racism and economic injustice. A public bank could transfer money into our public services, instead of enriching the ultra-wealthy through Wall Street institutions. Philadelphia’s relationship with Wall Street banks has been an exploitative one. It’s time we explore a public alternative that puts decision making power into the hands of Philly residents and expands opportunity for us all.

As the city continues to struggle with deep budget cuts to public services and rampant unemployment and underemployment heightened by the COVID 19 pandemic, the Philadelphia Public Banking Coalition is calling for elected officials to create a Public Bank for the City of Philadelphia. A Public Bank could:

• Curb bank-redlining of black and brown communities
• Create jobs for those most needing them
• Reduce the cost of public projects like repairing libraries and schools
• Build opportunities to create small businesses, particularly in black and brown communities where credit is rarely available
• Add resources to the City and School District budgets without increasing taxes
• Finance the greening of Philadelphia

Public banks are popular all over the world. The US currently has two, in North Dakota and US Samoa, and states and municipalities across the country are actively working on implementation plans. It’s time for Philadelphia to have its own public bank.

Read more about how Philadelphia’s public bank would work in the Philadelphia Inquirer.  

Speakers include:

Councilmember Derek Green

Britt Alston, Senior Research Analyst, Action Center on Race and the Economy

Walt McRee, co-founder, Public Banking Institute

Dr. Deborah Figart, Professor, Economics Department, Stockton University

Rev. Lewis Williams, Cross & Crescent

Maurice Sampson, Executive Director, E. PA Director, Clean Water Action

Jamila Medley, Philadelphia Area Cooperative Alliance

When: Tuesday, September 1, 7 pm

Where: Zoom Meeting

HTTPS://US02WEB.ZOOM.US/J/84095221710

Meeting ID: 840 9522 1710

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