Public Bank LA Organizing Meeting September 14, 2020

 

Public banking advocates and activists,

The Public Bank LA organizing network is gearing back into full steam, starting with a regroup Zoom chat on Monday, September 14 at 6pm.

We’ve teamed up with United Food and Commercial Workers Union (UFCW) Local 770 representing 30,000 frontline grocery and retail drug workers, and the Los Angeles County Federation of Labor, representing 800,000 workers, to spearhead the creation of the Los Angeles Public Bank, the first municipal bank in history!

Throughout the past two years, we’ve made incredible progress since the historic and monumental progress of our Measure B campaign with over 430,000 Angelenos voting yes to a Los Angeles public bank. Our movement and work in California’s largest and the nation’s second largest city catapulted the public bank movement a generation forward.

In 2019, Public Bank Los Angeles, a founding member of the California Public Banking Alliance, passed the landmark Assembly Bill 857, empowering California cities, counties and regions to form their own public bank, a bank 100% accountable to local communities, not Wall Street.

In response to the COVID-19 crisis, we worked tirelessly to push forward public banking as a necessary part of equitable recovery. We made significant strides towards establishing a state-level public bank with AB 310. Our bill is now set to move forward in the State Legislature in 2021. During the few short weeks of the bill’s launch, we gained support from over 80 organizations including labor and national groups, along with the commitment of State Treasurer Fiona Ma and State Controller Betty Yee to work with us, both in interim hearings in the Senate in the Fall and in the upcoming legislative session. Up and down the aisle and through to the Governor’s Office, public banks are seen as a key part of achieving equitable, broad-based, democratically-led progress in our State.

As the City of Los Angeles explores local funding for worker relief in response to the COVID-19 crisis and uplifting small businesses in impacted areas, a public bank is the mechanism to allow for low-cost lending at a local level to support the resurgence of our restaurant and small business corridors, particularly those owned by disadvantaged and underrepresented people of color, that have been forced to close may never return. A public bank will lay the foundation for a more equitable local economy by financing projects including local public infrastructure, renewable energy, affordable housing, a local Green New Deal, and more that are carried out by good paying and union jobs.

We are now re-focusing our efforts locally here in Los Angeles, including both the City of Los Angeles and the nearly 100 cities and areas within LA County.

On August 14, we will host a video conference to strategize and organize towards our goal of establishing a public bank in Los Angeles in a matter of months. Now is our moment to make history with the first public bank in a century!

Join out Zoom Organizing Call on Monday, September 14 at 6pm: https://us02web.zoom.us/j/87209989801

We look forward to seeing everyone, reconnecting, re-energizing, and building towards intergenerational progressive social change.

Public Bank LA
Reinvest. Rebuild. Recover.

Lend your skills and talents to put an end to Wall Street greed and join the historic efforts to create the Public Bank of Los Angeles and the first municipal public bank in the nation! 

Fill out our Organizer Form.