READ AND PASSED
This enacted law changes the rules for banks and other institutions that hold City funds. These institutions must report yearly goals for lending and investment in low- and moderate-income Philadelphia neighborhoods and provide plans to address lending disparities; the City Treasurer must certify compliance and withdraw City funds from institutions that do not comply. The law also authorizes City Council to create a Responsible Banking Review Committee to review these requirements and recommend which institutions may hold City funds.
Amending Chapter 19-200 of The Philadelphia Code, entitled "City Funds - Deposits, Investments, Disbursements," by authorizing the establishment of a Responsible Banking Review Committee; all under certain terms and conditions.
Action by CITY COUNCIL
A motion was made that this matter be READ AND PASSED. The motion carried by the following vote:
Roll Call
| Member | Vote |
|---|---|
| Bill Green | Yes |
| Blondell Reynolds Brown | Yes |
| Bobby Henon | Yes |
| Brian J. O'Neill | Yes |
| Cindy Bass | Yes |
| Curtis Jones, Jr. | Yes |
| Darrell L. Clarke | Yes |
| David Oh | Yes |
| James F. Kenney | Yes |
| Jannie L. Blackwell | Yes |
| Kenyatta Johnson | Yes |
| Maria D. Quiñones-Sánchez | Yes |
| Marian B. Tasco | Yes |
| Mark Squilla | Yes |
| W. Wilson Goode, Jr. | Yes |
| William K. Greenlee | Yes |