Economic Justice

Los Angeles City Council Authorizes Public Bank Action Plan

Los Angeles City Council votes to

From Public Bank Los Angeles:

“BREAKING! Back-to-back wins in CA & LA. Los Angeles City Council unanimously approves motion authorizing public bank action plan, the 1st municipal bank in the U.S.

#PublicBankLA will reinvest profits in the public interest, putting the power of capital in the hands of the people.The LA public bank will keep capital local by investing in community enterprises and public projects.

By increasing the availability of productive capital, public banks give cities access to more funding,empowering citizens to transform their local economies for the greater good.

(ABOVE, October 5, 2021: PANA members join a press conference shortly after the Los Angeles City Council vote to move forward with a Public Bank action plan)

The City will now solicit proposals to hire a consultant to write the public bank’s business plan, ensuring that the bank will be economically viable. The consultant will engage with community stakeholders to gather input on lending priorities and design a democratic public bank.

This win was a people-powered effort. We did this with the support of @UFCW770 @LALabor @SEIU721 @UNITEHERE11@LADemocrats, coalition leads @LosAngelesFwd @CalOrganize@SunriseMvmtLA @InclusivAction. Thank you to the 100 supporting orgs and electeds, from #MeasureB to now.”