Banks Must Invest in Community Key to Lavelle’s New Banking Bill from the New Pittsburgh Courier
"One of the last legislative acts by Pittsburgh city council in 2011 was the 5-4 passage of a bill that would direct the city to deposit its funds in banks that reinvest the most in the city’s poorest neighborhoods. The idea is to use the potential deposits of $350 million as leverage to have banks invest even more and assist the city in its redevelopment efforts. But while laudable, Councilman R. Daniel Lavelle, who voted against it, said it did not really address the needs of those communities, and he convinced Mayor Luke Ravenstahl to veto the bill. On Jan. 10, Lavelle reintroduced the legislation, now called the Responsible Banking Bill."
"One of the last legislative acts by Pittsburgh city council in 2011 was the 5-4 passage of a bill that would direct the city to deposit its funds in banks that reinvest the most in the city’s poorest neighborhoods. The idea is to use the potential deposits of $350 million as leverage to have banks invest even more and assist the city in its redevelopment efforts. But while laudable, Councilman R. Daniel Lavelle, who voted against it, said it did not really address the needs of those communities, and he convinced Mayor Luke Ravenstahl to veto the bill. On Jan. 10, Lavelle reintroduced the legislation, now called the Responsible Banking Bill."
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