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BillENACTED

Bill 120650

Amending Chapter 19-200 of The Philadelphia Code, entitled "City Funds - Deposits, Investments, Disbursements," by authorizing the establishment of a Responsible Banking Review Committee; all under certain terms and conditions.

Introduced Sep 13, 2012Committee on AppropriationsOfficial record: City of Philadelphia via Legistar

Introduced by

Councilmember Goode

From the floor

Passages in the official transcripts that cite this file number. Every quote links to its exact place in the record.

  1. “Good morning, City Council. My name is Anne Gemmell. I'm the Political Director at Fight for Philly. I'm here to testify in support of Bill 120650, which would create a Responsible Banking Committee. Thanks, Councilman Goode, for continuing your leadership on bank accountability issues. Reporting requirements already in place are good, but given the rapid expansion of our banks and the financial instruments that they…”

    Ms. Gemmell · Stated Meeting, October 4, 2012 · Oct 4, 2012 · official transcript, this passage

  2. “The ayes have it. 120770 is adopted. Mr. Decker, please read the title of Bill No. 120650.”

    Council President Clarke · Stated Meeting, October 4, 2012 · Oct 4, 2012 · official transcript, this passage

  3. “Thank you, Mr. President. I move that the rules of Council be suspended so as to permit first reading this day of Bill No. 120650. (Duly seconded.)”

    Councilman Goode · Stated Meeting, September 27, 2012 · Sep 27, 2012 · official transcript, this passage

  4. “It has been moved and properly seconded that the rules of Council be suspended so as to permit first reading this day of Bill No. 120650. say aye. (Aye.)”

    Council President Clarke · Stated Meeting, September 27, 2012 · Sep 27, 2012 · official transcript, this passage

Status timeline

  1. Sep 13, 2012Introduced and Referred · CITY COUNCIL
  2. Sep 27, 2012HEARING NOTICES SENT · Committee on Appropriations
  3. Sep 27, 2012HEARING HELD · Committee on Appropriations
  4. Sep 27, 2012REPORTED FAVORABLY, RULE SUSPENSION REQUESTED · Committee on Appropriations
  5. Sep 27, 2012ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR · CITY COUNCIL
  6. Sep 27, 2012SUSPEND THE RULES OF THE COUNCIL · CITY COUNCIL
  7. Sep 27, 2012ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR · CITY COUNCIL
  8. Oct 4, 2012READ AND PASSED · CITY COUNCIL
  9. Oct 17, 2012SIGNED · MAYOR

Official documents

Documents open on the City of Philadelphia’s legislative site.

Full text

Read the full text as published

..Title Amending Chapter 19-200 of The Philadelphia Code, entitled "City Funds - Deposits, Investments, Disbursements," by authorizing the establishment of a Responsible Banking Review Committee; all under certain terms and conditions. ..Body THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS: SECTION 1. Chapter 19-200 of The Philadelphia Code is hereby amended to read as follows: CHAPTER 19-200. CITY FUNDS - DEPOSITS, INVESTMENTS, DISBURSEMENTS * * * (2) Each City depository shall: * * * (f) provide the City with an annual statement of community reinvestment goals including the number of small business loans, home mortgages, home improvement loans, and community development investments to be made within low and moderate-income neighborhoods in the City of Philadelphia. Each depository shall also provide the City with a long term strategic plan to address disparities in its lending and investment activities. The strategic plan shall address how the depository will match or exceed peer lending performance in targeting capital access and credit needs disclosed in disparity studies commissioned by the City. On July 1 of each year, the City Treasurer shall certify to the President of City Council whether or not each bank and institution on the list of potential City depositories set forth in this Section has complied with each requirement of this subsection in the preceding fiscal year and shall withdraw all City funds from any bank or institution that has not complied with each requirement. No funds shall thereafter be deposited in such bank or institution until the bank or institution comes into compliance with each requirement and the City Treasurer has so certified to the President of City Council. The City Treasurer shall provide the President of City Council notification of the withdrawal of, and redeposit of, any City funds pursuant to this subsection; (.1) City Council may, by resolution, establish a Responsible Banking Review Committee as an agency of Council. The Committee's purpose shall be to review the implementation, effectiveness and enforcement of this subsection (2)(f) and to make recommendations to Council regarding the authorization of City depositories. The Committee shall meet, from time to time, as convened by Council; * * * Explanation: Italics indicate new matter added. ..End