Charter Amendment B is the first step towards exploring the creation of a socially, economically, and environmentally responsible city-owned bank. Last year the City of Los Angeles paid $170 million in banking fees and $1.1 billion in interest to big banks and investors. At the same time, big banks receive billions of dollars in city deposits virtually interest-free. This money is not serving Angelenos. Some of these banks have engaged in risky profit schemes and predatory lending, ignoring the impact on individuals, neighborhoods and small businesses.

In 2017, the City of Los Angeles divested its funds from Wells Fargo, which was fined billions of dollars for creating illegal customer accounts, has a history of discriminating against Latino and African-American homebuyers, and finances industries harmful to Angelenos.

Charter Amendment B clears a path for Los Angeles to declare its independence from Wall Street. A public bank would safeguard and grow the city’s assets through loans to critical city projects and local businesses. The bank would be answerable not to politicians but to an independent board of governors comprised of residents. Its mission would be to serve Angelenos.

A public bank will ensure that L.A.’s tax dollars are invested in a way that measurably improves the community.

Endorsement request created by Public Bank LA - a grassroots advocacy group.

Please lend your support to enable Los Angeles to explore public banking as a way to double our investment power and save millions in interest and fees by removing Wall Street middlemen.
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