Exciting news! We’ve achieved a major milestone on our path to establishing a public bank in Los Angeles. The motion to fund the LA public bank plan was successfully passed in the LA City Council Economic and Community Development Committee, thanks to the leadership of Councilmember Curren Price. We also want to thank Councilmember Hugo Soto-Martinez for his strong backing of public banking and Councilmember Traci Park for her vote of support. This is a significant step as the City moves forward with funding for the Request for Proposal (RFP).
Once the RFP is awarded, our City’s consultants will begin the important task of developing the implementation plan and shaping the future of the public bank in LA. This is an incredible opportunity to create a bank that directly serves the needs of our local communities, while also driving positive social and environmental impact. What’s more, the bank will generate profits that benefit LA taxpayers.
A very big thank-you to SEIU Local 721 and the LA County Federation of Labor for their leadership in driving this crucial step forward. We deeply appreciate the support, commitment, and advocacy of an amazing network of allies who have played an important role in bringing us to this point.
Read our update in the June 2023 Newsletter with a Call to Action to email LA City Council to urge their support on the next steps: allocating funding to award the RFP to city contractors.