The DC Public Banking Center was created several years ago to advocate for establishing a public bank where municipal government revenues are deposited and loans issued to help finance affordable housing, small business and environmental sustainability. By participating with local financial institutions like Industrial Bank and City First, a public bank will help strengthen our local banks and prevent them from being gobbled up by Wall Street.
Now we have very good news to share! Thanks to initiative taken by Councilmember David Grosso, the FY18 DC budget has $200,000 to fund a feasibility study for a public bank. The funding came through the Committee on Business and Economic Development, chaired by Councilmember Kenyon McDuffie. The study will be done under the auspices of the DC Dept. of Investment, Securities and Banking (DISB).
We will be monitoring this study very closely to be sure that it covers loans for affordable housing and environmental sustainability, as well as for small business development.
Wall Street will not be happy when they see this moving forward, so it is urgent that we strengthen our base of support. Please be sure to sign our petition, urge your friends to sign, and email your contacts.
DC can lead the way!