Pennsylvania on the move toward public banking goals

PA Public Bank Project

PA Public Bank Project

 

The hard work for public banks in Pennsylvania is paying off at both state and city levels. The Pennsylvania Public Bank Project sends this report:

“Football fans will understand: time to move the ball to our public banking goal posts in Pennsylvania.

In Philadelphia, our team confirms that the city has set aside funds for a Feasibility Study. This follows an independent research study earlier this year led by Councilman Derek Green.

“An RFP is being prepared and, as with the earlier study, our team in Philly is in on the ground floor, advising on language and criteria for who might be selected to conduct the study.

“Familiarity with public banking is among the criteria! Given the results of studies in other cities, this is a must and an important achievement for the Philly team!

“This is the result of a lot of work and the steady building of grass roots support, especially among the Progressive ‘foot soldiers’ in the city's political community - which is where the action is in Philly.

“In Pennsylvania, moving the GOP dominated State Legislature has required a bi-partisan strategy. We are working now with Senate leaders to work the levers in a similar, step by step process.

“Following the March briefing and lobbying effort, we worked over the summer and are now readying a Co-Sponsors Memo from the Banking Committee for legislation to create — not study! — a public bank for the Commonwealth.

“Another several days of lobbying and a briefing with leadership support is being set up for the first week in October.

“The Legislature is in session only three weeks until the elections and a new session in 2019. We plan to introduce the legislation this year, as a ‘Wake Up Call,’ then go to work with the stakeholder groups, re-introduce the bill in 2019 and fight it out for passage.

“We have, of course, been working on the Governor's Office [since 2014!!], House of Representatives, and among the stakeholders and media to whom lawmakers respond.

“We will circulate the Senate Co-Sponsors Memo when it is finalized, and ask you to contact your PA State Senator and urge him or her to get on board.

“So please stay tuned!"

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