DC tax and other revenues would be deposited in the D.C. Public Bank.
The bank would process payments for city government expenses.
The bank would issue loans to fulfill the purposes of the bank as set out in its charter.
The bank would also reduce the costs to the City of financing short-term borrowing on active deposit accounts and infrastructure investments by avoiding high interest rates from other lenders.
The bank would earn interest on its investments and on loans it makes in partnership with local community banks and credit unions.
In order to ensure the long-term financial health of the bank, the bank could also make significant investments in secure bonds.
Lending priorities would be set by a public participation process.