April 16, 2019
Los Angeles Sentinel
Momentum Builds for Public Banks: Los Angeles City Council Endorses AB 857
On Tuesday morning, the Los Angeles City Council passed a resolution introduced by LA City Council President Herb J. Wesson in support of AB 857 – a bill to give California cities and municipalities the option to start their own public bank. Arguing for the measure, City Council President Wesson had this to say:
“This morning’s vote is for the people that too long have been underbanked and overcharged. The reality is our financial system is not working for a large majority of people, in particular communities of color. A public banking system in our state is a much-needed first step to bring economic justice to California’s most disadvantaged communities.”