Close on the heels of the Public Banking Act being signed into law last week, LA City Council President Herb Wesson announced he will be introducing a motion within the week to hire a banking expert to draft a comprehensive plan for a public bank for the City. The San Francisco Chronicle reported that San Francisco was also pushing ahead with plans for a city-owned bank.
Wesson announced the motion in a press conference (Facebook link) celebrating the unprecedented success of AB 857 in front of Los Angeles City Hall on Monday Oct 7.
Assemblymember Miguel Santiago, co-author of AB 857, emphasized the people power behind the win:
“This is a bill where a people-powered movement took on a huge financial industry [that] extended their tentacles into every office [in Sacramento] and the people power prevailed. … The arguments prevailed. This bill [built] public confidence that we can beat back Wall Street, that we can beat back paid lobbyists. Los Angeles is going to lead. … [Wall Street’s] going to use all the same old tired arguments. … We’re going to take them on in Los Angeles.”
Watch the celebration at LA’s victory party! (Facebook link)
The press conference generated substantial press coverage:
Los Angeles Daily News, Eric Heinz: LA City Council president to propose city’s first public bank
LAist, David Wagner: LA Could Become The First City In The Country To Open Up Its Own Bank
Banking Dive, Anna Hrushka: LA plans to create California’s first public bank
California Globe, Evan Symon: Los Angeles Announces Plans for the First Public Bank In California