Derek Green photo by Heather Khalifa Inquirer

Photo by Heather Khalifa courtesy The Philadelphia Inquirer. 

In an opinion article penned by their editorial board, The Philadelphia Inquirer recommends that City leaders consider Councilmember Derek Green’s proposal for a public bank saying it “could help Philly overcome [the] troubling racial wealth gap.” The board writes:

Overcoming the racial wealth gap, providing the capital Black entrepreneurs need to succeed, and increasing the business density and economic health of the city are all essential public policy goals. It’s up to stakeholders — including Green and his colleagues on City Council — to make it a reality.”

Advocates in Philly and Pennsylvania have been hard at work for public banking since 2012. After so many years of effort, it’s gratifying to see a major paper’s editorial board join in support.

The Philadelphia Public Banking Coalition’s next Financing Philadelphia’s Future program is on July 27th and will focus on CDFIs. More information and registration / link here.

[Read the full article]