California Public Banking Coalition Letter to Treasurer John Chiang

Our coalition of public banking organizations in California submitted a letter to State Treasurer John Chiang in response to his Request for Information (RFI) dated January 29, 2018. The letter states our 7 suggestions on topics requested in the RFI. Signed by Public Bank LA and banking advocates in: Santa Cruz, San Jose, Oakland, San Francisco, Santa Rosa, and Eureka. Drafted by Marc Armstrong, President of Commonomics.

Report from the Office of the City Administrative Officer

Report from the Office of the City Administrative Officer (CAO) providing a general overview of the City’s financing processes, policies, programs, and possible alternatives to pay for the City’s infrastructure needs. This report is intended to initiate discussions about possible options, further research and analysis would be needed to fully develop these options for future consideration.

Report of the Chief Legislative Analyst

Report from the Chief Legislative Analyst providing a review of the California State Treasurer’s report which outlines key issues and potential strategies in four areas: (1) cash handling for the collection oftaxes and fees; (2) expanding cannabis industry access to banking services under current law; (3) the feasibility ofcreating a public or private financial institution to serve cannabis businesses; and (4) developing a strategy to change federal law and remove legal obstacles to cannabis banking. The California State Treasurer’s recommendations regarding the creation of a public financial institution outlines a number of potential issues that could arise if Los Angeles proceeds with the creation of a public bank.

Public Bank LA Forum at LA City Hall

Public Bank LA organized a private forum with international public banking experts and key policymakers at LA City Hall, including the City of Los Angeles Office of Finance and Councilmember Paul Krekorian, Chairman of the Ad Hoc on Comprehensive Job Creation Plan Committee- the committee in which the public banking motion will be heard prior to moving into full council. From left to right: David Jette - Public Bank LA, Ellen Brown - Public Banking Institute, Trinity Tran - Public Bank LA, Phoenix Goodman - Public Bank LA, Marc Armstrong - Commonomics, Wolfram Morales – Sparkasse. The topics discussed included the success and soundness of North Dakota public banks, creating a California public bank licensing charter, how Germany is financing renewable energy investments through public banks, the PBLA charter, and the financial feasibility of creating a public bank in Los Angeles.

LA City Council Public Bank Motion

Motion instructing the City Administrative Officer and the Chief Legislative Analyst (CLA), with the assistance of the Office of Finance/City Treasurer, and the City Attorney, to report back quickly to the Ad Hoc Committee on Comprehensive Job Creation Plan on the feasibility, requirements, legislative barriers, and any other relevant aspects of creating a state-chartered public bank, or other similar such financial institution, named the “Bank of Los Angeles” that would provide banking services to reinvest in the communities, neighborhoods, and residents of the City of Los Angeles primarily through the acquisition, construction, and rehabilitation of affordable and workforce housing, utilizing deposits and providing financial services and products to local businesses, including the cannabis industry.