Pennsylvania’s Public Banking Movement Draws More Support
Above photo: Pittsburgh, PA. Photo by Igor Oliyarnik.
Black Business Review’s Marilyn Kai Jewett writes favorably of Pennsylvania’s public bank movement at both the state and municipal levels. A strong municipal public bank coalition has also developed in Pittsburgh, similar to Philadelphia’s Neighborhood Networks; and Mike Krauss, chair of the state level Pennsylvania Public Bank Project, reports that efforts are underway to introduce legislation in the PA General Assembly for a state public bank modeled on the Bank of North Dakota.
Kai writes in the local Philly paper Scoop USA that public banking is a “good idea”:
“The Pennsylvania Public Bank Project’s … mission is ‘the creation of a network of public/partnership banks in the Commonwealth of Pennsylvania, to provide affordable credit for locally directed economic development and jobs creation, sound municipal finances, the reduction of public debt, affordable education, home ownership and a strong local banking industry.’”
Since 2014, Philadelphia Neighborhood Networks, founded by Stan Shapiro, has been leading the Philly movement for a public bank.
“City Councilperson at-large Derek Green has been working with the Philly caucus to move the initiative forward on City Council. The city set-aside funds to conduct a feasibility study on the City of Philadelphia’s ability to establish and operate a municipally owned bank. That RFP closed in March. No word on who got the contract.”
Mike Krauss, chair of the Pennsylvania Project, said in a letter, “America needs a sound, effective and responsible banking industry. And it is within reach.”[Read the full article]