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City Kicks Bank of America and Citibank Out as Official City Funds Depositories Amid Controversy Over Rate Manipulation Practices

Official:Amending Chapter 19-200 of The Philadelphia Code, entitled "City Funds - Deposits, Investments, Disbursements", by revising the list of City depositories; under certain terms and conditions.

Sponsor: Councilmember Kenney

Introduced: January 22, 2015

: Committee on Finance

finance technology

No one voted on this bill

This bill was introduced in the 2012–2015 Council term and when that term ran out. The public record shows no committee vote and no floor vote at any stage, so no member of Council ever went on record for or against it.

That is not unusual here. Of the 8,465 bills introduced between 2000 and 2025, 1,624 lapsed without a single recorded vote. Ninety percent of bills that became law carry a roll call. Three percent of lapsed bills do. How this works.

Plain-Language Summary

This bill removes Bank of America and Citibank from a list of banks where the city can deposit its funds due to their role in manipulating interest rates and defrauding municipal entities.

What This Bill Does

AI-written. Every figure is checked against the bill text.

The bill does the following

Removes Bank of America from the list of City depositories.
Removes Citibank from the list of City depositories.
Adds Republic First Bank to the list of City depositories.
Removes Bank of America and Citibank from the list of institutions authorized to manage City investments, presumably as a result of their role in manipulating interest rates and defrauding municipal entities.