The vote to fund the public bank feasibility study and business plan has passed unanimously with a 12-0 vote in the full council—a momentous breakthrough in our journey toward establishing a public bank in Los Angeles.
This is a major advancement for public banking, as Los Angeles, California’s largest city and the second largest in the nation, leads the way in reshaping our financial system to prioritize community needs over private shareholder profit.
We are grateful for the support and leadership of Council President Paul Krekorian, Councilmember Hugo Soto-Martinez, and Councilmember Nithya Raman.
We extend our thanks to the leadership of SEIU 721 and the LA County Federation of Labor, AFL-CIO, and ACCE Los Angeles members for making an impact with public comment in the council chambers. Thanks to coalition allies including Inclusive Action for the City, Rise Economy, Africa Town Coalition, ACT-LA, United Way Los Angeles, UFCW Local 770, LA Forward, and the LA County Democratic Party. Your support letters and collaboration have been instrumental in driving this forward.
Special recognition goes to Los Angeles Assemblymember Miguel Santiago for championing our landmark bill, the California Public Banking Act (AB 857), which paved the way for cities across the state to establish public banks that are accountable to and serve the needs of their local communities.
With the unanimous approval from the full council, we are now one crucial step closer to securing the necessary funding for a feasibility study and business plan for the LA public bank. This pivotal next phase will provide us with a comprehensive analysis and roadmap to assess the impact of a public bank in our city.
The transformative impact of a public bank on our communities cannot be overstated. By shifting public funds away from Wall Street and towards a public bank, we can proactively invest in critical sectors like accessible housing, sustainable infrastructure, and small businesses in historically underserved neighborhoods. A public bank will bridge the gaps in our financial system, ensuring that our resources are reinvested locally to benefit the people of Los Angeles.
Stay tuned for exciting next steps on the Los Angeles public bank!
Read our June 21, 2023 update.
