4 Reasons Why Los Angeles’ Upcoming Public Banking Ballot Initiative Is A Huge Deal

On November 6th, the citizens of Los Angeles will have a chance to decide if their city should pave the path towards creating the first municipal public bank in the country. No doubt, a ‘yes’ vote for Charter Amendment B will be significant for the city, as it will put the immense power of banking in the hands of accountable officials bound by a mission of social good—a radical shift from the status quo of giving that business to Wall St. Today, the privilege of financing city services is reserved for private speculators. Last year, the City of Los Angeles paid $170 million in banking fees and $1.1 billion in interest to big banks and investors—money that would be recycled into public coffers for reinvestment if Los Angeles had a Public Bank instead.
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