Public Bank LA - Organizer Form
Public Bank LA and the California Public Banking Alliance led the efforts to pass AB 857 the Public Banking Act, the historic bill paving the path for California cities and counties to form their own public banks, which Governor Newsom signed into law in October 2019. This was also the first progressive banking bill passed as a grassroots, citizen-mobilizing effort, without paid lobbyists.
Last year, the City of Los Angeles paid Wall Street banks and investors $170 million in banking fees and $1.1 billion in interest. This money could be reinvested in our communities instead of being siphoned out by big banks who receive billions in city deposits virtually interest-free. Legally, the banks own and control this money which they have used to finance industries harmful to Angelenos including fossil fuel extraction, private prisons, detention centers, and weapons manufacturing. Public Bank LA is working to create a city-owned bank accountable to Los Angeles communities.
Lend your skills and talents to put an end to Wall Street greed and join the historic efforts to create the Public Bank of Los Angeles and the first municipal public bank in the nation!
Which working group would you like to join?
Community Outreach and Communications
Finance and Policy
Questions or comments? Message us below and one of our organizers will get back to you.
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