Treasurer Say City Holding Banks Accountable For Promises To Invest In Impoverished Neighborhoods
(CBS) -- Chicago's treasurer says the administration is now holding banks more accountable for promises they make to invest in some of the city's impoverished neighborhoods, reports WBBM Political Editor Craig Dellimore.
At any given time, the city of Chicago can have up to about a billion dollars deposited in banks around the city and Treasurer Kurt Summers tries to use that leverage to get those banks to put money into disadvantaged communities in the form of mortgages, business loans and the like.
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But, he says, the city hasn't had a good way to check up on those promises until recently. Treasurer Kurt Summers says as of last fall, the administration requires more extensive records and an investment plan.
Summers says community leaders especially want to know how that money is being invested and where. Summers says most banks are trying to do the right thing, but he says, some don't.
