Opening Statement of Councilmember David Grosso

Committee on Business & Economic Development

FY19 Performance Oversight Hearing on
the Department of Insurance, Securities and Banking; the Department of For-
Hire Vehicles, and the Department of Small and Local Business Development
January 15, 2020

Thank you, Chairperson McDuffie.

Though I do not sit on this committee, I am here today because I am frustrated.

Nearly three years ago, the Council charged the Department of Insurance, Securities and Banking with a
simple task: study the feasibility of establishing a public bank in the District of Columbia.

I have long advocated for the establishment of a public bank because I believe it would enable D.C. to
serve as a participation lender, partnering with–instead of competing against –local banks to drive
lending to small businesses and others that have been historically denied access to credit.

I’m sorry to report that sitting here today, after $200,000, 20 months, fifteen focus groups, and four
public meetings, I have not read a single word of that feasibility study because DISB has not completed
and publicly released that study.

In January 2019, I sent a letter to Commissioner Taylor inquiring about the delay of the study’s release.

At that time, he informed me that additional work had been necessary but that DISB was in the process
of reviewing a final draft of the feasibility study and it would be released to the public after it had been
reviewed by the mayor’s office.

It is now January 2020. Twelve months have passed since the final draft had reportedly been prepared.
Yet, no one outside of the executive presumably has seen it.

This is entirely unacceptable. I hope that through today’s hearing Commissioner Taylor can shed some
light on his agency’s failure to complete the work the Council directed and funded within a reasonable
timeline.

And more importantly, I hope that he can provide a date certain for when the public can expect to see
the study they paid for.

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