Council to Ask Banks to Describe Efforts to Aid Poor Areas – NYTimes.com

15 May

As a huge trading loss at JPMorgan Chase intensifies criticism of the nation’s big banks, the New York City Council plans to vote on Tuesday to require banks to make public their efforts to be socially responsible before the city decides where to deposit the billions of dollars it keeps in banks….

Cleveland and Philadelphia have had laws in place for over a decade similar to the one being proposed in New York, and now the financial crisis has led several other cities to consider them. Pittsburgh recently passed a bill that requires banks that want city deposits to submit community reinvestment plans every two years. Los Angeles, Boston, and San Diego are all considering similar measures.

It’s  a start, but Bloomberg is opposed, naturally.

via Council to Ask Banks to Describe Efforts to Aid Poor Areas – NYTimes.com.

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