PASSED

This enacted law requires banks and other City-authorized depositories to certify each year that they comply with the City's rules for executing contracts. If a depository has disclosed that it or a predecessor sold slavery-related insurance policies or received profits from slavery, it must also give the City a statement describing its financial reparations, including any new products or programs addressing racial disparities in lending and investment.

Amending Section 17-104 of The Philadelphia Code, entitled "Prerequisites to the Execution of City Contracts," by requiring any City Depository authorized to accept City deposits under Section 19-201 of The Philadelphia Code to annually certify compliance with Section 17-104 and, if such depository has disclosed slavery policies sold by it or its profits from slavery, to provide the City with a statement of financial reparations; all under certain terms and conditions.