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Authorizing the Committee on Appropriations to hold hearings into the current state of community reinvestment by City depository banks within low-income and minority neighborhoods in the City of Philadelphia and authorizing the Committee to issue subpoenas to compel the attendance of witnesses and the production of documents and other evidence.
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WHEREAS, The lending practices of financial institutions have a measurable impact on the City's tax base, quality of life and overall economic viability and competitiveness; and
WHEREAS, Economic viability and competitiveness comes from strengthening, and providing opportunities within, all areas of the City; and
WHEREAS, The Greater Philadelphia Capital Access Report issued by Councilman W. Wilson Goode, Jr. and subsequent reports by the City Controller's and Treasurer's Office have shown that disparities in lending exist by neighborhood income level and racial composition within Philadelphia; and
WHEREAS, In a further attempt to provide information to the citizens of Philadelphia and address this issue, the Council passed Bill Number 020047, also introduced by Councilman Goode, requiring each bank authorized as a City depository bank to provide the City with an annual statement of community reinvestment goals; now, therefore, be it
RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, That the Committee on Appropriations is hereby authorized to hold hearings into the current state of local community reinvestment by City depository banks in low-income and minority neighborhoods within the City of Philadelphia; and, be it
FURTHER RESOLVED, That in furtherance of such an investigation, the Committee is hereby authorized to issue subpoenas as may be necessary or appropriate to compel the attendance of witnesses and the production of documents to the full extent authorized under Section 2-401 of The Philadelphia Home Rule Charter.
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