June
2023
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City Limits: In a First, the Public Got to Weigh in on NYC’s Banking Decisions
City Limits — “Too often we think banking has nothing to do with democracy,” said State Senate Banking Committee Chair James Sanders at last week’s hearing of the New York City Banking Commission.
But banking and democracy were on full, if not always fulsome, display at the hearing as the commission decided which banks would be eligible to receive more than $100 billion in annual city agency deposits over the next two years. For the first time, the commission accepted public testimony before voting on which banks could hold city dollars.