Los Angeles consultants release the first paper of a report series outlining viable approaches for establishing and administering a Los Angeles public bank

On April 20, Jain Family Institute (JFI) and Berggruen Institute released an introductory working paper, the first in a joint report series that is aimed at providing the city with a template for the programs and administrative structure of a municipal public bank that can best serve the public interest. These reports were initiated by Los Angeles City Council’s unanimous approval in October 2021 to request proposals for a viability study and business plan for such a bank.

The paper released provides a summary analysis of lending programs that:

• create more affordable housing through:
  • lower-cost debt for construction
  • an acquisition fund to preserve affordable housing
  • expansion of low to moderate-income homebuyer assistance
• empower worker ownership of small business;
• accelerate the green energy transition through loans for retrofits and utility-scale investment.