Authorizing the Council Committee on Commerce and Economic Development to hold hearings to investigate the Administration's progress on the establishment of the Philadelphia Public Financial Authority.

Authorizing the Council Committee on Commerce and Economic Development to hold hearings to investigate the Administration’s progress on the establishment of the Philadelphia Public Financial Authority. Boby WHEREAS, On March 3, 2022, Philadelphia City Council voted 15-1 to pass Bill No. 210956-A, legislation creating the Philadelphia Public Financial Authority (PPFA). It became law on March 17, 2022 without then-Mayor Kenney’s signature; and WHEREAS, The purpose of this financial authority, which would’ve created the nation’s first municipal bank, was to provide financial support and resources to CDFIs and businesses that struggled to find lending opportunities, particularly Black and Brown businesses; and WHEREAS, The Philadelphia Public Bank ordinance was the product of years of advocacy from the Philadelphia Public Bank Coalition, a national conference on public banking that was held in the early 2010s, and the City hiring HR&A Advisors to study the feasibility of a municipal public bank. Then-Councilmember Derek Green held a hearing on October 5, 2020 exploring the viability of a public bank; and WHEREAS, As a public bank would require enabling legislation from the Pennsylvania General Assembly, a public finance authority that would issue letters of credit to guarantee loans to businesses borrowing from private banks was floated. The idea was that this public finance authority would create a third entity to directly receive and manage city money, which would pave the way …