Can Los Angeles quit Wall Street? Local TV features YesOnB as election day approaches

Public Bank LA Defundraiser

Photo by John-Michael Bond

 

Coverage of the YesOnB ballot measure has expanded greatly as election day approaches. Local ABC7 in Los Angeles covered the YesOnB ballot measure with a positive story featuring City Council President Herb Wesson and Public Bank LA’s Trinity Tran. Josh Haskell reports:

The city of Los Angeles pays $1.1 billion each year to Wall Street banks. In a public bank, supporters say that money would go toward getting the homeless off the streets, addressing the housing crisis and rebuilding the city's infrastructure.”

Watch live stream of the YesOnB press conference here (Facebook). See photos of the recent “Defundraiser” event here (Facebook). Contribute to their powerful grassroots campaign here

Click here for LA Magazine’s election guide, with positive notes about Measure B. Click here for more recent press.

Dharna Noor on The Real News Network interviews PBLA’s Phoenix Goodman who says the city’s public bank could help the city “transform banking from a source of evil” to a force that fights climate change and inequality.Phoenix Goodman continues:

“In reality, the status quo is that the benefit of handling our accounts goes to private Wall Street firms, which intrinsically by definition don’t have our interests in mind. So, we can only make something better, because at least this way, we have something that we can hold publicly accountable.”

Libby Watson also published an extensive interview with Trinity Tran in Splinter.

“We didn’t want Los Angeles to move their money out of Wells Fargo and then into another big bank, we wanted to create a real solution to banking services that would put people and planet over profit first.”

Jessica Goodheart also writes a thorough overview in LA Progressive.

“Last year, the city paid $1.1 billion in interest to bondholders, which in turn funds “wars and pipelines and private prisons,” said Tran, who would rather see tax money put to work to address city needs like housing and clean energy.”

[Watch ABC7's coverage]

[Watch the Real News interview]

[Read the Splinter article]

[Read the LA Progressive article]

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