problem

The City of Los Angeles paid over $109 million in fees and interests to commercial banks in 2016. 

Our tax dollars are extracted from local economies by big multinational banks and used to finance socially and environmentally destructive business practices. Some of these banks have been downgraded by authorities for their risky or fraudulent practices. Many of the city’s investments finance direct harm to the public, including over $70M invested in tobacco companies alone. The firms who help manage these funds seek the highest possible fees for themselves, extracting the financial power of taxpayers to perpetuate bubbles in housing and capital markets, instead of economic development here at home.

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!

Public Bank LA Flyer.

Yes on B Flyer Front. Yes on B Flyer Back.

Official Ballot Measure Argument in Favor of B.

Los Angeles City Council Motion to Amend the City Charter.

Public Bank LA Charter Amendment B Resource Booklet.