On Friday, December 10, 2010, the Government Operations Committee of the Boston City Council will hold a hearing to discuss the Invest in Boston ordinance I filed on October 6th.

As we enter the holiday season, we reflect on our actions during the last 12 months and set our goals and aspirations for the future. The Invest in Boston legislation represents the culmination of a year's hard work to ensure a better future for Boston families and for all the small business owners who keep alive the entrepreneurial spirit of our city.

The city of Boston currently has more than $1.1 billion invested in various financial institutions. The Invest in Boston ordinance will ensure our public monies are invested in banks that are investing in Boston by lending to small businesses and qualified home owners, refinancing mortgages, implementing foreclosure prevention programs, and conducting other practices in Boston that foster economic growth. By changing the way the city does its banking, we can help the economy of our city. After all, Boston residents expect public funds to work for them, and that includes expecting our city to deposit our money in banks that invest in Boston.

We are headed into the third year of the worst recession cycle in recent history. Given the current economic climate, it is crucial we change the process by which the city of Boston chooses where to deposit its money.  

During the summer months, I toured more than twenty small business districts throughout Boston. During those visits, I heard firsthand of the difficulties small business owners are facing and, in particular, how hard it is to access credit. Throughout 2010, we have also seen high unemployment and Boston families struggling to keep their homes.

When banks invest in Boston again, we will see revitalized small business districts, more jobs, a stronger housing market and stabilized communities. I am pushing to make sure that all our city's monies are invested in banks that invest in Boston by passing this ordinance before the end of the year.

I look forward to working with all my colleagues on the City Council as well as with the administration to ensure the passage of the Invest in Boston ordinance.  However, the most important voice in this process is yours.  Please feel free to call us at 617-635-4205 or email me at felix.arroyo@cityofboston.gov.

Together, we can ensure that the city of Boston only invests in banks that invest in Boston.