Banks enjoy consumer and taxpayer-funded privileges, such as deposit insurance, and not too long ago, subsidized trillion-dollar bailouts. It’s not too much to insist that they invest a fair share of those dollars back into all of our communities.
Rising out of a practice of shareholder activism that began in the 1970s, Women Religious made the leap from monitoring their investments on Wall Street to becoming pioneers in investing directly in the communities and social justice causes for which they cared.
Twenty years later, it’s hard to overstate how wise I think that group of board members was in imposing its residency requirement on me. While initially skeptical, over the years I’ve learned some powerful lessons about the benefits of proximity.