CHARTER AMENDMENT B is the first step towards exploring the creation of a socially, economically, and environmentally responsible city-owned bank. The measure is cost-free and risk-free. It simply removes one barrier to establishing a bank. A sound business plan would follow, to be approved by voters and officials.
Last year the City of Los Angeles paid $170 million in banking fees and $1.1 billion in interest to big banks and investors. Banks have leveraged our tax dollars to finance harmful industries including private prisons, fossil fuel extraction, and weapons manufacturing. In 2017, the City of Los Angeles divested its funds from Wells Fargo, which was fined billions of dollars for creating illegal customer accounts, has a history of discriminating against Latino and African-American home buyers, and finances industries harmful to Angelenos.
Local community banks are too small to manage the city’s funds, but Wall Street is not the only alternative. Banking as a public utility is a proven model worldwide. Public banks keep money local and cut costs by eliminating middlemen, shareholders and high-paid executives.
During the 2008-09 Recession, the century-old public Bank of North Dakota safeguarded taxpayers’ money and helped finance a statewide economic boom, while Wall Street banks needed billions in taxpayer bailouts. Charter Amendment B clears a path for Los Angeles to declare its independence from Wall Street.
A public bank would safeguard and grow the city’s assets through loans to critical city projects and local businesses. The bank would be answerable not to politicians but to an independent board of governors comprised of residents. Its mission would be to serve Angelenos.
A public bank will ensure that Los Angeles tax dollars are invested in a way that measurably improves the community.
On November 6, 2018, VOTE YES ON CHARTER AMENDMENT B! #YesOnB
CHARTER AMENDMENT B is championed by Los Angeles City Council President Herb Wesson and unanimously approved by L.A. City Council. It is supported by a broad-based coalition including labor unions, social justice organizations, environmental groups, and local community organizations.
Socially and environmentally responsible municipal public banks are endorsed by both the Los Angeles County Democratic Party, representing 2.4 million registered Democrats, and the California Democratic Party, representing 8.7 million registered Democrats.
YES! The Bank of North Dakota, the only existing publicly-owned bank in the U.S., is more profitable than Goldman Sachs, has a better credit rating than JPMorgan Chase, and was the only state not deep in red ink as a result of the 2008 financial crash.
If you are part of an organization and would like to endorse Charter Amendment B to enable the City of Los Angeles to explore the creation of a municipal public bank, please fill out our Endorsement Form.
Public Bank LA is an entirely volunteer-run group and we need your help to create the nation's first munibank! Join the campaign and be part of history-in-the-making!
Fill out our Volunteer Form.
On November 6, 2018, vote YES to rebuilding and regenerating our communities, YES to supporting local businesses, YES to protecting our environment, and YES on CHARTER AMENDMENT B!
Yes on B Flyer Front. Yes on B Flyer Back.
Official Ballot Measure Argument in Favor of B.
- Build affordable housing, ease the homelessness crisis.
- Finance infrastructure including: water projects, roads, bridges, and schools.
- Invest in small business development.
- Drive the renewable energy revolution and build climate change resilience.
- Deliver student loan debt relief.
- Serve the needs of the unbanked and underbanked populations.
- Funding projects through a public bank can save 50% on interest and fees that would normally be extracted by Wall Street banks, doubling the power of our tax dollars.
- Taxpayer dollars will no longer be held in institutions participating in shadow banking and other irresponsible Wall Street gambling.
- Governed by a transparent Board of Directors and an anti-corruption ethos, and guided by standards and policies focused on accountability and responsibility.
- Taxpayer dollars held in the public bank will not be invested in fossil fuels, private prisons, immigrant detention centers, the war machine, or other destructive industries.