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, along with a history of discriminating against Latino and African-American homebuyers, and financing industries harmful to Angelenos. We're working to urge the City of Los Angeles to declare its independence from Wall Street and ensure that L.A.’s tax dollars are invested to improve our communities.
Although Measure B did not pass, we consider the campaign a grassroots success. With over 430,000 Angelenos voting yes to a public bank, we know that with a little more time and education, the future is bright for public banking in Los Angeles!
Join the fight!