CONGRATS TO MAYOR-ELECT NITHYA RAMAN, A LONGTIME PUBLIC BANKING SUPPORTER

Congratulations to Mayor-elect Nithya Raman on her historic win, becoming the first South Asian American mayor of Los Angeles!

Mayor-elect Raman has supported public banking since her first run for City Council in 2020, and we’re excited to have a longtime ally in the Mayor’s office.

Every year, Los Angeles pays hundreds of millions of dollars in interest and fees to Wall Street banks. A public bank would let the city keep more of that money here, investing in affordable housing, small businesses, clean energy, infrastructure, and the services working families depend on.

You won’t open a checking account there. It’s the city’s bank, helping fund projects faster and cheaper. By partnering with LA’s credit unions and community banks, it can also help expand access for the many Angelenos who are unbanked or underbanked.

And Los Angeles already knows how to build public goods. The city runs LAX and the Port of LA – multibillion-dollar public enterprises that keep revenue working for Los Angeles instead of flowing to outside shareholders. A public bank is the next piece of public infrastructure that will make the city more affordable and sustainable.

We look forward to working with Mayor-elect Raman to make Los Angeles the first major city in the country to build a bank for people and planet.