Philadelphia Public Bank Feasibility Study

Darryl C. Murphy, writing on October 2 on WHYY PBS, reports that an independent feasibility study commissioned by the City of Philadelphia has recommended the creation of a public bank that would allow city government to loan directly to small businesses. The 50-page report suggests that such a bank could allow America’s poorest big city to use $255 million in municipal deposits to create credit for local investments as well as provide small business loans with the potential to generate returns between 1.42% and 1.46%. The report reads:

“We hope that this study serves as a roadmap for making an immediate impact while laying the groundwork for systemic reform.”

Peter Winslow, a member of the Philadelphia Public Banking Coalition who helped with the report, said:

“Based on the feasibility study and other work that’s been done, it should be possible to move rapidly to the establishment of a bank.”

[Read the full article]
[Read the feasibility study]