news

“Should Los Angeles establish a public bank?” LAist asked. Councilmember Eunisses Hernandez says yes, and we agree! With deficits growing and federal financial systems prioritizing profit over the public good, LA needs local control over its capital. A public bank lets the City do more with what it has – without raising taxes or cutting services. Bank lobbyists have spread misleading claims. Los Angeles has never operated a bank. The failed LA Community Development Bank wasn’t a true bank, it was a loan fund that was “private sector-oriented.” It wasn’t chartered, didn’t take deposits, and lacked the structure and oversight of a regulated financial institution. The LA public bank would be fundamentally different as a state-chartered, professionally managed, and fully regulated public bank – and accountable to the people, not private shareholders. It would be designed for long-term financial sustainability and public benefit, not private profit. Opponents cite technical differences between...

Los Angeles Business Journal – July 7, 2025 – By Andrew Asch. Several Los Angeles City Council members put up seed funding to again explore the feasibility of creating a public bank for the city. Four Los Angeles City Council members took a critical step to bolster the campaign to develop the city’s first public bank. Councilman Curren Price Jr., a moderate who represents the city’s ninth district, has pledged $15,000 toward an effort to fund a feasibility study for a public bank, according to the city council agenda released on June 27.  He joined three of his progressive-leaning colleagues – council members Eunisses Hernandez, Hugo Soto-Martinez and Ysabel Jurado – all of whom in late May announced during a press conference their plans to earmark the same amount in funding toward the study. “It’s a necessary step to move the work forward,” said Price in a statement. “I’ve supported this effort from the start, which is why I committed...

California’s 2024–25 state budget includes $1 million to move CalAccount into implementation, thanks to a strategic push by Assemblymember Avelino Valencia, Governor Newsom, legislative leaders, and State Treasurer Fiona Ma. This builds on years of groundwork, including the 2021 passage of the California Public Banking Option Act (AB 1177) and the 2024 CalAccount market analysis. Once launched, CalAccount will become the nation’s first state-run, fee-free public banking option. It offers a safe, no-cost alternative to over 7 million unbanked and underbanked Californians who lose $4.5 billion each year to financial fees. The program is designed to be self-sustaining and is projected to deliver over $45 million in economic stimulus in its first year. We’re proud to help lead this effort with SEIU California and the CalAccount Community Coalition to deliver a bold solution for economic justice and financial inclusion. Thank you to everyone who pushed this across the finish line. Read...

Public Banking: Financial Infrastructure for Guaranteed Income and a Just Economy Tuesday, June 17 | 11:00 AM – 12:00 PM PT | Zoom Register Online via Zoom As federal support for climate and infrastructure shrinks, cities are turning to bold tools to build local economic power. Public banking is one of them. Join us for a virtual roundtable, featuring our very own Trinity Tran, on how public banks can support guaranteed income programs and help build more inclusive, community-rooted economies. The event will spotlight new research from the Institute on Race, Power and Political Economy at The New School and feature leaders in public banking, economic justice, and guaranteed income.Featuring: Representative Rashida Tlaib, U.S. Representative, 12th Congressional District of Michigan Terri Friedline, Professor of Social Work, University of Michigan Darrick Hamilton, University Professor and Founding Director, Institute on Race, Power and Political Economy, The New School Amy Castro,...

MSN – Three Los Angeles City Council members introduced a motion Friday to fund a feasibility study for a proposed public bank, which supporters say could generate new revenue for the city without placing new taxes or fees on residents. Council members Eunisses Hernandez, Ysabel Jurado and Hugo Soto- Martínez made the commitment during a news conference Friday on the steps of City Hall, with each promising to provide $15,000 in AB 1290 discretionary funding from their respective council offices for the study. Two years ago, the council voted 12-0 to allocate $460,000 for HR&A Advisors to conduct a feasibility study for a public bank. That money was included in the budget for fiscal year 2024-25, but it was later allocated for other uses amid budget constraints. “For too long, our public dollars have propped up systems that deepen inequality and harm our communities,” Hernandez said in a statement. “A public bank would give us the power to reinvest in our...