Los Angeles City Council decides to ask the public if they want a Public Bank

Los Angeles public bank coalition

LA City Council President Herb Wesson with Los Angeles Public Bank advocates from PBI and many grassroots organizations: Public Bank LA, Bernie Sanders Brigade, Feel the Bern Democratic Club of Los Angeles, ACCE, Democratic Socialists of America, Los Angeles, and more. Photo by Carlos Marroquin.

 

Los Angeles will be voting on a Public Bank this November! Los Angeles City Council on Tuesday, June 25 voted unanimously to start the process to put a measure to create a Public Bank for the city of LA on the ballot in November. The motion went to the Rules committee and back to the full City Council June 29, where the motion passed! 

City Council President Herb Wesson brought forward the motion, which was supported by a roomful of Public Bank advocates, including PBI Chair Ellen Brown and Public Bank LA / Divest LA leaders Phoenix Goodman and Trinity Tran, whose group has been instrumental in pushing City Council forward.

Public Banking advocate and grassroots organizer Carlos Marroquin from the Bernie Sanders Brigade and Public Bank LA said, “It’s important for us to start looking for other options to get away from our community’s addiction to and dependency on Wall Street’s money, which has brought nothing but despair and fraud.”

Next City reports on the next steps for Public Banking advocates to build mass support among voters:

"For now, Public Bank LA will be focusing on educating voters on the issue and 'galvanizing support from stakeholders in the community, including grassroots groups, students, community leaders, and labor,' Tran says. 'We need to mobilize for a critical mass of support, to ensure a majority win in November.'”

The Los Angeles Times reports:

“‘We’re cautiously ecstatic,’ David Jette, legislative director of advocacy group Public Bank LA said after Tuesday’s vote. ‘This will be a referendum on the idea of public banking. I think this is an existential vote for our entire national movement.’”

Photos above: LA City Council President Herb Wesson and City Councilmember Paul Koretz with Los Angeles Public Bank advocates from PBI and many grassroots organizations: Public Bank LA, Bernie Sanders Brigade, Feel the Bern Democratic Club of Los Angeles, ACCE, Democratic Socialists of America, Los Angeles, and more. Photos by Carlos Marroquin.

[Read the full LA Times article]

[Read the full Next City article]

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