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Responsible Banking Is Responsible Government
Key Excerpts from Article on Website of Huffington Post
Posted: December 15th, 2014
http://www.huffingtonpost.com/richard-alarcon/responsible-ba...
Local governments, both big and small, are debating and approving "responsible banking ordinances" to hold banks accountable for how they treat people living in each city. The core tenet of each ordinance is simple: improve the availability of information that banks provide cities when we consider depositing taxpayer dollars and awarding contracts for new financial services. Responsible banking ordinances have recently been approved or are being considered in cities including New York, Seattle, Berkeley, Boston, Portland, Kansas City and San Francisco (responsible banking laws have been on the books in Cleveland and Philadelphia for years). The Los Angeles responsible banking ordinance will create a public, transparent process for gathering information about each bank's history of service in the community. The City of Los Angeles has a $30 billion banking portfolio, and the city's decision-makers are charged with selecting the financial institutions that will be allowed to profit from conducting transactions ... on behalf of our taxpayers. Progress toward banking responsibility is not coming without a fight. Big banks have been visiting city council offices [and have] argued that their investment divisions should not be held accountable. There is a good reason that responsible banking ordinances are being approved across the country -- banking responsibly is the fiscally responsible thing to do.
Note: The responsible banking ordinance movement has gained momentum since the above article was written about Los Angeles' inspiring success. In 2013, Minneapolis, MN became the 10th major US city to join this movement. In 2014, New York City beat the bankers in court to keep their ordinance alive. Want to see this model used by your city government?
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