Councilmember Grosso sent a letter to the Department of Insurance, Securities and Banking (DISB) today inquiring about the status of a study to determine the feasibility of establishing a public bank in the District of Columbia and requesting an explanation for the delay in its delivery.

“I have long advocated for a public bank because I believe its establishment would enable the city to serve as a participation lender, partnering instead of competing against local banks, to drive lending to small businesses and others that have been historically denied access to credit,” Grosso wrote.

The councilmember secured the funding for the feasibility study in the FY2018 budget.

“As we are now four months into Fiscal Year 2019, I am deeply disappointed that neither I nor the public has seen the study.”

Grosso requested an update on the study and a specific date for finalization from DISB Commissioner Stephen Taylor by Wednesday, January 16.

Read the letter below.