Philadelphia Public Financing Authority Bill passes unanimously out of committee

Monday, December 13 was a big day for Councilmember Derek Green, members of the Philly Public Banking Coalition, and all who support our campaign to establish a public bank for our city. The City Council Finance Committee has unanimously voted Bill 210956, the Philadelphia Public Financing Authority Bill, out of Committee. We couldn’t have reached this milestone without our supporters reaching out to Councilmembers to tell them how much our city needs a new kind of banking for its neighborhoods and communities.

It wasn’t a slam dunk. Before the Hearing, there were three Council members who remained unconvinced that our bill was a necessary addition to the economic environment of the City. But thanks to the dynamic, heart-felt and educational testimonies of our witnesses, the motion carried with full support of all nine Committee members. If you missed the excitement, you can find the full hearing here. The text of the bill itself can be found here and a summary here. 

What’s Next? The bill went on to its first formal reading in Council on the morning of Thursday, December 16. This reading is a formality that will send the bill on for discussion and a full vote after Council resumes sessions in 2022. Never doubt, we will need you again in January for more lobbying, but for now, take this win, with our thanks, into your holiday season and celebrate!