The City Council Committee on Commerce and Economic Development held the first public hearings about this proposal a few weeks ago. We applaud Councilman Green for his initiative, and Committee Chairman Jones, Councilwoman Gym and Council President Clarke for their support.
We urge Council and the Mayor to take the next step and go forward to a feasibility study. Santa Fe, NM has already concluded such a study, along with another conducted by an independent citizens organization. Both supported the creation of a municipal public bank and identified immediate savings in debt service and steadily increasing job creation and profits.
Many great things had their beginning in Philadelphia; for example, the United States of America. With the creation of a Public Bank of Philadelphia, the city can once again lead the nation forward.
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