solution

With a city-owned bank, our revenues stays within our city. By cutting out Wall Street as the middle man, banking profit gets reinvested back into our communities.

The Bank of Los Angeles would be able to accept city deposits and manage all the purchasing and reporting needs the city requires. It would then make targeted loans to the city itself, as well as sectors of the local economy where capital would make a measurable difference in the lives of Angelenos. The bank would be answerable to an independent board of governors made up of elected officials, responsible financial and banking experts, and members of the community including advocates for affordable housing and climate change mitigation. It would follow a strict mandate to safeguard and grow the city’s assets through loans to local businesses and municipal entities. It would operate according to a charter that enables it to act in the interest of the city and its people, and not for private shareholders or executives. A bank whose employees are public servants, and whose mission is to improve the lives of regular Angelenos.