Tomorrow, Wed. Sept. 18th at noon, Boston City Council is voting on a progressive banking ordinance that requires banks to compete for Boston's more than one billion in deposits by proving they (the bank) are investing back into the local community.
The "Invest in Boston" ordinance will ensure that the City of Boston's money is invested in banks that invest in Boston.
We should not tolerate the City of Boston banking with our tax dollars with institutions that turn around and deny qualified small businesses or city residents financing, or charge high interest (usury) rates while benefiting from our deposits.
Similar programs have been implemented in other large cities such as LA and NY, and it's time for one in Boston. Twenty years ago, Boston was a mecca for banking headquarters that provided the very investment this ordinance encourages. After decades of mergers and deregulation, large banks are based elsewhere and are not committed to strong neighborhoods or main streets.
The Invest in Boston ordinance is a simple, common-sense idea. It will stimulate the local economy by providing incentives for financial institutions to offer affordable loans to qualified home buyers and small businesses to gain the City of Boston's deposits.
When banks invest in Boston, we will see more jobs, a stronger housing market and revitalized small business districts.
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