Photo by Prayitno.
On Tuesday, October 5, the Los Angeles City Council unanimously voted to authorize the Chief Legislative Analyst to seek contractors or consultants to develop a business plan for a public bank. According to the Los Angeles Daily News, the CLA’s request for proposals will be released in 60 days. The selected consultant or subcontractor needs to have a history of working for and studying public banks or other mission-based financial institutions, and experience facilitating community stakeholder consultations. The CLA will report back to the City Council on the timeline for establishing the public bank.
Councilmember Mike Bonin’s comment before Tuesday’s vote was quoted by The Los Angeles Times:
“This is an idea that has gone from maybe three people supported it a decade ago to now being a mainstream idea.”
Councilmember Mike Bonin commented:
“With a public bank, we can invest in our neighborhoods, promote affordable housing, help struggling small businesses, support a just transition to a green economy, and advance equity. This is an exciting opportunity to create a system that champions people and not special interests, and I appreciate the opportunity to discuss it with my friends, colleagues and neighbors.”