Monday, June 13, 2005

Demanding fairness from financial institutions

Philadelphia City Councilman Wilson Goode Jr. is taking a strong stance on the lending and investment policies of area banks, insisting that they do a better job of supporting minority-owned businesses and struggling neighborhoods. Goode was behind the recent bill requiring that banks come clean about past profits derived from slavery, and probably thus the spur for Wachovia Bank's decision to issue an apology last week for its historic involvements. His use of the word "reparations" in his current bill, which is more about fairness of lending, may get some attention but may not win the maximum number of allies. However, insisting that banks return deposited monies to some of the same communities from which they are derived seems more than reasonable.


Post a Comment

<< Home