Philly will consider establishing Public Bank to boost Black Businesses

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Philadelphia City Council will consider establishing a public bank, a move advocated by Councilmember Derek Green, that lawmakers and advocates say would fight systemic racism and boost the local economy by serving business owners of color.

Councilmember Derek Green introduced legislation Thursday to establish a public bank as a city authority that would have the power to provide loans, issue tax-exempt bonds, finance city construction projects, and perform other banking functions.

Green, who has spent years looking into the establishment of a public bank, said the idea grew out of his former job as a small-business lender with Meridian Bank in North Philadelphia.

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