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Amid Divestment Protests, More Cities Explore Public Banks

Justice League

Next City website:

Despite the momentousness of the occasion — CNBC characterized it as serving Wells Fargo its “walking papers” — it was a surprisingly quiet vote, with little fanfare or any more than the usual audience, according to Bass. “We did not get our advocacy community rallied up for this particular vote,” she says. They’re saving that moment for when the city pulls all of its deposits out of Wells Fargo.

“This work will continue,” adds Bass.

Part of that work includes exploring the possibility of setting up a public bank for the city of Philadelphia, which could take over payroll functions and city deposits permanently, among other functions. At-large Council Member Derek Green initiated that exploration by passing a resolution in January 2016 authorizing the council’s Committee on Commerce and Economic Development to hold hearings regarding public banking. The first hearing took place in February 2016.

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