Philadelphia Public Banking Coalition 2023 Primary Election Report

The Philadelphia Public Banking Coalition is one of many groups working to implement a people-centered financial plan for Philadelphia’s future, one that includes public banking and the implementation of a community-led Philadelphia Public Financial Authority (PPFA). Public banking is an issue in this election. Here’s what we’ve learned.

Among the Mayoral Candidates still in the race, Helen Gym and Rebecca Rhynhart both took time to talk with us in the “Candidate Conversation” series of our Finance Philadelphia’s Future Zoom program about their policies and plans. The full interviews with both candidates can be viewed here. 

• Helen Gym would plan to engage with the coalition and current PPFA board nominees immediately following the primary election to begin planning for implementation and broader economic development strategies for the City. 

• Rebecca Rhynhart expressed an openness to learn more about the PPFA. However, she shared with the Philadelphia Business Journal that she is skeptical that a public bank could be more effective and efficient than the private sector, the bar that she would expect it to meet. 

Mayoral candidates who chose not to meet with the Coalition to discuss public banking include:

• Cherelle Parker & David Oh– While neither candidate met with Financing Philadelphia’s Future, both attended the POWER Action Event which included public banking and implementation of the PPFA as part of their mayoral platform. They both declined to support a Philadelphia Public Bank or to implement the PPFA ordinance, even though as Councilmembers they voted to establish the PPFA. 

• Jeff Brown & Allan Domb have both remained silent on the topic of public banking and implementation of the PPFA. Allan Domb did vote in favor of the PPFA while on City Council, but given his lack of attendance at meetings where he could have reiterated that support, we do not know whether he remains committed to the PPFA, or how strongly.

Of the three controller candidates, only Alexandra Hunt chose to meet with us. She gave a strong endorsement for public banking and features public banking in her campaign videos.

Election Day is May 16. As you cast your ballot, make sure you consider the candidates’ stances on public banking.