PPBC One Page on Corona Virus
Coronavirus Crisis
Issue: Financial responses to emergent public crises requires agility.
Societal disruption, such as in response to a pandemic, inevitably has a financial dimension.
Need: The City needs a financial institution to act as a first responder.
Speed and competence are essential when dealing with an emergency, so that those endangered are reassured that damage will be contained and help will be provided, including with respect to finance. While the Coronavirus crisis is global, a catastrophe like an industrial accident may be local; whatever the case, the City needs financial capability to act quickly and independently.
Solution: Establish a Philadelphia Public Bank to underpin our financial ecosystem.
A Philadelphia Public Bank, working with its community bank partners and City, state, and federal agencies, can respond quickly and agilely to mitigate the financial impact of emergency situations.
