Public Bank LA and their allies have been actively engaged in securing endorsements from an impressive number of union and political groups throughout the city. Latest endorsements include State Senator Kevin de León; Rusty Hicks, President of the LA County Federation of Labor; Gayle McLaughlin, Former Mayor of Richmond; Carolyn Fowler, Vice Chair California Democratic Party Women's Caucus; the Labor Council for Latin American Advancement; Our Revolution West San Fernando Valley; Stonewall Democratic Club; UC Student-Workers Union UAW Local 2865; and the Progressive Democratic Club. These follow earlier endorsements by Our Revolution, DSA-LA, Green Party of Los Angeles County, Los Angeles County Democratic Party, and the California Democratic Party.
The effort has drawn more major press from Bloomberg and the Los Angeles Times. To help with this endorsement and outreach effort with your contacts or ideas, connect with PBLA here. The #YesOnB Street Team is hitting the LA neighborhoods this Saturday, Oct 20. See Facebook event list here. Plus there's a big Defundraiser Rally event Saturday, Oct 20 at LA City Hall with Eric Andre, Nick Thorburn, Abby Martin, and more. Facebook event here. Donation link here.
Romy Varghese writes in Bloomberg:
“The city has about $11 billion deposited with or managed by the country’s biggest banks, which use the capital for their own needs and ultimately their own profit. This arrangement has Los Angeles and some of its more adventurous brethren considering an alternative. Why not create a public bank that would support investment within city limits, backing such things as small-business loans and affordable housing instead of sending the money out?”
Emily Alpert Reyes and James Rufus Koren report in the LA Times:
“If the ballot measure passes, advocates say it would bring fresh momentum to the public banking movement, as Los Angeles could be the first jurisdiction in the U.S. where voters have signed off on the idea.”
Amanda Albright, muni bond reporter for Bloomberg, discusses LA’s public bank initiative in a radio interview hosted by Pimm Fox and Lisa Abramowicz.
Senator Kevin de León and Council President Wesson have both agreed to do a press conference for YesOnB. More details to follow.
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