New Ordinance Requires Banks To Re-invest In Boston
Boston City Councilor At-Large Felix Arroyo has introduced a new ordinance that’s meant to ensure that the city’s monies are invested in banks that invest in Boston.
“Invest in Boston” means financial institutions lending to small businesses and qualified home owners, refinancing mortgages, implementing foreclosure prevention programs, and conducting other practices in Boston that foster economic growth in the city.
“This ordinance will help ensure that banks are investing in Boston. When banks start investing in our neighborhoods again we will see more jobs, a stronger housing market and revitalized small business districts,” said Boston City Councilor At-Large Felix Arroyo.
The “Invest in Boston” ordinance establishes the Municipal Banking and Community Reinvestment Review Commission. The Commission would evaluate financial institutions and approved them for deposits on the basis of whether or not they are investing in a meaningful way in Boston. As of December 31, 2009, the City of Boston had over 1 billion dollars deposited in various banks and financial institutions.