TOWN HALL: WHY PHILADELPHIA NEEDS A PUBLIC BANK
Wouldn’t it be nice if Philly cut its ties with Wall Street Vultures? You remember, the firms that plundered the economy a mere decade ago – the ones we had to bail out with our money?
Do you think we should also cut those ties because of the incredible record of institutional racism by the Big Banking industry – its systematic denial of credit to black and brown families – and the redlining of their neighborhoods?
Think it would be a good idea to take our money back from Manhattan investment bankers and invest our tax dollars right here at home?
Well, if you answered yes to any of these questions, you’ll be interested in an event coming to your Zoom screen on Tuesday, September 1 starting at 7PM.
The Philadelphia Public Banking Coalition, led by Philly Neighborhood Networks, will conduct a Town Hall to explain why public banking is an essential tool for community reinvestment of public funds. And you’ll learn of real-world opportunities to invest in people and programs that benefit all of us, not just Wall Street insiders.
Join us for this free Town Hall on Creating a Philadelphia Public Bank.
How a Public Bank Works
A Philly Public Bank would take the money the City now deposits into Wall Street banks and transfer it to an institution managed and operated by the City itself, subject to public input and oversight. Thus, the people would set priorities for investment of those funds rather than bank shareholders.
What a Public Bank Can Do for Philly
At this Town Hall, you will learn how a Philadelphia 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
Listen to What the Experts Think
To provide us with details on all this potential for a Philly Public Bank, the Town Hall will feature a wonderful array of experts and advocates, including:
- Walt McRee, Public Banking Institute, the lead organization promoting public banks across the nation
- Councilmember Derek Green, our primary advocate in City Hall
- Britt Alston, Senior Research Analyst with the Action Center on Race and the Economy
- Dr. Deborah Figart, author and professor in the Economics Dept at Stockton University
- Maurice Sampson, Eastern PA Director, Clean Water Action
- Jamila Medley, Executive Director, Philadelphia Area Cooperative Alliance
Now is the Time for a Philly Public Bank
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 plans for reinvest their public money for the public good. It’s time for Philadelphia to join the crowd with our own Public Bank!
Want to know how you can help? Join us by clicking the link below to find out.
This event is cosponsored by Philadelphia Neighborhood Networks, the Economic Dignity Team of POWER, Americans for Democratic Action, Southeast PA Chapter, and a SMART Collaboration. (list in formation.)