At the Fulton County Board of Commissioners June 2 meeting, Chairman Robb Pitts sponsored a resolution directing county staff to deposit funds received through the American Rescue Plan into minority-owned financial institutions, according to a press release. The resolution passed unanimously with support from all seven members of the Board of Commissioners.
“Minority-owned banks are a cornerstone of our community here in Fulton County,” said Chairman Pitts. “This resolution shows that Fulton County is serious about investing in these vital institutions and I’m thrilled that it passed with unanimous support.”
Pitts views the deposits as an investment in institutions which have been struggling since the 2009 financial crisis and dwindled in number. He also says that using the American Rescue Plan’s funds as the deposit furthers the plan’s legislative intent to help minority communities.
“These institutions are much more likely to give loans and investments to minority borrowers than traditional big banks. Funds received under this program could be used to finance affordable housing and other commercial projects that create jobs in the community,” Chairman Pitts continued. “It’s my hope that other counties in Georgia – and across the country – will follow our lead here.”
Information: fultoncountyga.gov
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