November's Public Banking ballot initiative Charter Amendment B will allow the citizens of Los Angeles to vote on the first step to creating a city-owned bank. Public Bank LA, along with an overflowing room of community groups and advocates, launched their action campaign July 28 for creating public support for the ballot measure. Chair Ellen Brown and Suzanne O’Keeffe from Public Banking Institute were there in support. ...
Advocates were presented with a detailed plan that includes community outreach, political outreach, street art, field strategy into neighborhoods, and media. The campaign is designed to communicate the benefits of public banking, answer questions, and generate excitement around freeing the City from Wall Street and using the power of a bank to benefit the people of Los Angeles.
“How is the Wall Street system working for you now?” asked David Jette, policy director of Public Bank LA. “The current system is under no obligation to improve your living standards. That’s why we should start a bank and start lending to ourselves! Let’s build a bank that we actually want.”
“We’re sick and tired of Wall Street dictating our lives,” said Trinity Tran, co-founder of Public Bank LA. “We’re building alliances since Public Banking can be the cornerstone issue — something everybody is fighting for.”
This ballot measure won’t create a bank but will remove a legal hurdle to creating one. It doesn’t require the City to spend any money.
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