From the Los Angeles Business Journal: As LA seriously considers launching its own public bank, Public Bank LA’s Executive Director, Trinity Tran, said, “This seed money is an important step toward creating a public bank for Los Angeles. It gives the city a way to stop outsourcing control of its resources and start using public dollars to solve public problems without raising taxes or cutting essential services. With deficits mounting, we can’t afford business as usual.”
Councilmember Curren Price states, “It’s a necessary step to move the work forward. I’ve supported this effort from the start, which is why I committed discretionary funds to help launch the study.”
Backed by now six council offices, the public bank plan will explore how the city can stop relying on Wall Street and start using its own funds to lower borrowing costs, cut fees, and invest directly in community needs like housing, local businesses, and infrastructure. With LA spending over $1.4 billion a year on debt, we need real solutions to fund the future of our city.
