If it wants banks to become bigger neighborhood stakeholders, Pittsburgh City Council will have to take the matter up against next year.
Council today failed to override Mayor Luke Ravenstahl's veto of a bill intended to make better corporate citizens of banks that do business with the city.
At least six votes are needed to override a veto. The vote to override was 5-4.
Councilman Bill Peduto's legislation would have required banks to write community investment plans every two years. The city would have ranked the banks on follow-through and awarded the top performers the largest slice of city business.
The legislation had the support of the Pittsburgh Community Reinvestment Group, an umbrella of community groups.
Mr. Ravenstahl said, however, that he vetoed the bill after receiving concerns from "a number" of civic leaders.
"It is my intent to work with all stakeholders to pass a new bill early in the new year," Mr. Ravenstahl said in his letter announcing the veto.
Joe Smydo: firstname.lastname@example.org or 412-263-1548.