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Pa. Project

Pa. Project

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Solidarity, PA

The first thing you notice about Reading, Pennsylvania, the small city that lies an hour and a half north of Philadelphia, is its many parks and muscular civic buildings. Mount Penn anchors the east of the city with a steeply landscaped park and a historic district of graceful homes. The Blue Mountains rise in the distance. 


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Governor-Elect Names Prominent Banker and Public Banking Advocate to Transition Team

She was the founding vice president of the Rainbow Coalition, Founder of Philadelphia's first Black-owned bank, and considered "a trailblazer in African-American commerce," Emma C. Chappell may be the most historically prominent person in the contemporary public banking movement. Now she helps launch a new effort as a transitional adviser to Pennsylvania governor-elect Tom Wolf.

Chappell, the renowned pioneer of United Bank of Philadelphia and Board Advisor to the Pennsylvania Public Bank Project, has been selected to serve Governor-elect Wolf's transition review team focused on banking. She joins other statewide banking notables to assist the new Governor in addressing the status of the state banking industry and identifying opportunities for his new banking department management.

Working since 2013 with the Pennsylvania Project, a non-profit, non-partisan effort to create publicly-owned partnership banks across the state, Chappell has helped introduce state and local bankers and municipal leaders to the strengths of publicly-owned banks in addressing chronic funding shortages within municipalities. Public banks can provide new sources of funding for public objectives from existing community assets and sidestep the high costs of dealing with Wall Street banks,potentially saving hundreds of millions of dollars in public money while stimulating local businesses and expanding public services.

Chappell became the first female vice president of a major bank in Pennsylvania in 1977 at Continental Bank, and is featured on the web site "Black Entrepreneurs," which discusses her efforts to raise capital within the African-American community to finance United Bank in the 1990s.

Chappell has also taken several turns on the national political stage as treasurer of the Reverend Jesse Jackson's 1984 Presidential campaign and as founder of Operation PUSH, an organization dedicated to financial equity for minority groups.

Ms. Chappell is a life-long resident of Philadelphia, has received several honorary doctorate degrees and was named one of the area's 10 most influential African-Americans.

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WSJ: Bank of North Dakota outperforms Wall Street!

While 49 state treasuries were submerged in red ink after the 2008 financial crash, one state's bank outperformed all others and actually launched an economy-shifting new industry. So reports the Wall Street Journal this week, discussing the Bank of North Dakota (BND) and its striking success in the midst of a national financial collapse led by the major banks. Chester Dawson begins his November 16th article:

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Colonization by Bankruptcy: The High-Stakes Chess Match for Argentina

Debt campaigners hold a protest against vulture fund attacks on Argentina outside the office of Elliott Advisors, the owners of the vulture fund NML Capital, on the eve of the Argentinian government appeal hearing in New York, February 26, 2013. (Photo: Jubilee Debt Campaign / Flickr)

If Argentina were in a high-stakes chess match, the country's actions this week would be the equivalent of flipping over all the pieces on the board.

– David Dayen, Fiscal Times, August 22, 2014

Argentina is playing hardball with the vulture funds, which have been trying to force it into an involuntary bankruptcy. The vultures are demanding what amounts to a 600% return on bonds bought for pennies on the dollar, defeating a 2005 settlement in which 92% of creditors agreed to accept a 70% haircut on their bonds. A US court has backed the vulture funds; but last week, Argentina sidestepped its jurisdiction by transferring the trustee for payment from Bank of New York Mellon to its own central bank

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