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Over Thanksgiving weekend, I had the chance to see Inside Job – Charles Ferguson's stinging indictment of the financial sector surrounding the global financial crisis of 2008. It left me angry once again about how the explosion of predatory lending, combined with all the wrong incentives in the financial sector, stripped millions of families of their life savings, led to the financial meltdown, and cost millions of jobs around the world. And also disappointed about how little real financial reform there has been since then, and how bleak the outlook for meaningful change in Washington is right now.
At the local level, though, we have the opportunity to take a meaningful step forward. A NYC Responsible Banking Act would require banks that want to make money by holding on to the City of New York's cash to put forward a new generation of strategic plans and reports for how they are meeting the credit needs of our communities.
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