Public Banking Boosts Disadvantaged Businesses
In Philadelphia, NewDEAL Leader Councilmember Derek Green has been working for years on an innovative proposal to establish a city-run public bank in his city. In December, his proposal to establish the Philadelphia Public Finance Authority finally won committee approval and is set to be brought before the full Council early this year. If approved, the bank would elevate women and minority-owned businesses by making it easier for them to secure a loan and reducing racial disparities in business ownership. Read more about Councilmember Green’s proposal here, which took finalist honors in last year’s NewDEAL Ideas Challenge.