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.
Follow below to see how you can help!
So here is where Boston Kossacks come in: Some of the City Councilors are wavering. As we all know, the big banks = big lobbying, and they are not happy about having to compete with the smaller local banks that better service the neighborhoods. If you live, work or own a business in Boston,we need you to call or email all of your at large Councilors (4) and the (9) district City Councilors, and ask them to vote in support of "Invest in Boston". We need you to do it ASAP - the vote is noon on Wednesday.
Side Note: this ordinance is sponsored by strong progressive City Councilor at Large Felix Arroyo, who is also a candidate in next week's Boston Mayoral primary. He has been working on this ordinance for several years and it is an example of his progressive values and credentials. If you like this ordinance, please consider him in next weeks election.
If you don't know who your city councilor is check at this link:
http://www.cityofboston.gov/...
The 4 City Councilors at Large:
felix.arroyo@cityofboston.gov 617.635.4205
john.r.connolly@cityofboston.gov 617.635.3115
stephen.murphy@cityofboston.gov 617.635.4376
ayanna.pressley@cityofboston.gov 617.635.4217
District City Councilors:
Salvatore.LaMattina@cityofboston.gov 617.635.3200
Bill.Linehan@cityofboston.gov 617.635.3203
Frank.Baker@cityofboston.gov 617.635.3455
Charles.Yancey@cityofboston.gov 617.635.3131
Rob.Consalvo@cityofboston.gov 617.635.4210
matthew.omalley@cityofboston.gov 617.635.4220
Tito.Jackson@cityofboston.gov 617.635.3510
Michael.Ross@cityofboston.gov 617.635.4225
Mark.Ciommo@cityofboston.gov 617.635.3113
Please pass on this information to friends and neighbors, and let me know if you have any questions. Thanks a million.