Daily News | Public banking advocates issue Mayor Jim Kenney a ‘people’s subpoena’ to establish a new financial authority
to boost disadvantaged businesses, advocates for establishing a public bank in the city thought that they had won their first major victory.
Windle and about 40 other public banking supporters on Friday held a rally outside City Hall and issued a symbolic “people’s subpoena” compelling Kenney to act on the legislation. Supporters say they prevent taxpayers from having to pay fees to Wall Street banks that typically hold city money, while also allowing the city to prioritize lending to underserved businesses that often face difficulties accessing traditional banking systems, including small and minority-owned businesses.
Several other mayoral hopefuls who were on Council in the spring voted for Green’s bill, but there’s no guarantee they would prioritize public banking if they become mayor.
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