A public bank would keep resources in our community | LTE

Letter to the Editor by Ray Torres, published in the Philadelphia Inquirer on December 14, 2021

As we struggle to respond to gun violence in Philadelphia, and as tempers, blame, and recriminations heat up, a recurring theme is the need to invest in our communities. If every community in the city had well-resourced schools, libraries, rec centers, and parks, and if every citizen had access to a living wage job, educational opportunities, and affordable housing, we have strong reason to believe that gun violence would go down. As we grapple with the question of how to make that kind of investment, one piece of the puzzle is a Philadelphia Public Bank. Such a bank could take the hundreds of millions of dollars in public revenue that currently flows out of the city as debt repayment and invest that money in our communities in ways that would increase our commonwealth. This is not just wishful thinking. If legislation proposed by Councilmember Derek Green passes through committee this week and through Council in January, such a bank could become reality.

Raymond Torres, Philadelphia, raytorres2@verizon.net