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Green will talk about the groundbreaking legislation he introduced and championed, to establish the Philadelphia Public Financial Authority, the country’s first city-established public banking entity. Broadly speaking, public banks are government-owned entities that hold state or local government deposits and leverage them to advance policy goals while returning profits to the public. Abello and Green will talk about what makes this legislation so groundbreaking; what the bill, which passed in March, does and does not do; and where its true potential lies. Green, a former small-business banker himself, believes that a public bank could increase access to credit for Black businesses in a city whose population is 45% Black, but where only 2.5% of businesses with employees are Black-owned. Next City’s series “The Bottom Line” explores scalable solutions for problems related to affordability, inclusive economic growth and access to capital. The series is made possib

Temple universityUnited statesCommonwealth of pennsylvaniaCouncilmember marianb tascoDerek greenOscar perry abelloPhiladelphia public financial authorityPublic healthCity councilDemocratic national committeeTemple university school of lawFast companyA public bankUniversity of virginiaPhiladelphia convention visitors bureauPhiladelphia gas commission