A Public Bank for Los Angeles?
Voters in the city of Los Angeles will be the first in the country to weigh in on a public banking mandate, through Measure B on the November ballot that would allow the city to form its own bank. The City Charter currently prohibits the creation of industrial or commercial enterprises by the city without voter approval. The measure would allow the city to create a public bank, although state and federal law hurdles would still need to be cleared before the bank could come into existence.
The bank is expected to save the city millions, if not billions, of dollars in Wall Street fees and interest paid to bondholders, while injecting new money into the local economy, generating jobs and expanding the tax base. It could respond to the needs of its residents by reinvesting in low-income housing, critical infrastructure projects, and clean energy, as well as serving as a depository for the cannabis industry.
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