A Public Bank for Los Angeles? City Council Puts It to the Voters

This is fantastic – I hope voters go for this!
Share this info with your friends if you are in sunny California!

WEB OF DEBT BLOG

California legislators exploring the public bank option may be breaking not just from Wall Street but from the Federal Reserve.

Voters in Los Angeles will be the first in the country to weigh in on a public banking mandate, after the City Council agreed on June 29th to put a measure on the November ballot that would allow the city to form its own bank. The charter for the nation’s second-largest city currently prohibits the creation of industrial or commercial enterprises by the city without voter approval. The measure, introduced by City Council President Herb Wesson, would allow the city to create a public bank, although state and federal law hurdles would still need to be cleared.

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…

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