ONE BIG THING: A PUBLIC BANK FOR LA
What is it?
A public bank is exactly what it sounds like, a bank owned by the people of LA. Instead of being motivated by profit and only accountable to shareholders like a private bank, public banks operate in the best interest of the community, and it would be accountable to residents and ordinary Angelenos.
It’s burdensome and expensive to get loans from private banks to build out critical projects in our city like affordable housing, infrastructure improvements, and solutions to climate change. But with a public bank, these projects would not only be cheaper and more efficient, but actually grow our public funds!
Put simply, public banks help ensure that money is directed where it’s needed the most.
Learn more from Public Bank LA
What happened?
This week in City Council, we took a big step needed to make public banking a reality in Los Angeles. In a unanimous vote, we directed the city to find the necessary money required to perform a feasibility study that will provide a real plan to implement a public bank in LA.
Once that funding is identified, the city will perform the study, and then the City Council will decide exactly how we should move forward in establishing the public bank and bringing more resources to our underserved communities.
Why it matters
With just one initial investment in a public bank, each year we’d be able to:
Build over 1600 units of affordable housing
Empower 537 workers to become co-op owners of their companies
Produce 29.5 million megawatts of green energy
And this is all while continuing to earn more money for the city and growing our reserves. That’s because in addition to being able to keep money in our communities, a public bank can still earn interest just like a regular bank.
It would be no brainer win-win for the city, and we’re so excited to start the planning process so we can actually make this a reality.
Two More Quick Hits For This Weekend!
1. Hollywood Carnival Parade and Festival
Saturday, we’re so excited to join the Los Angeles Culture Festival & Hollywood Carnival Parade as the 2023 Grand Marshal! The festival and parade will celebrate Caribbean heritage and Los Angeles’ diverse cultures and communities.
We hope to see everyone at Hollywood Blvd between Highland Ave and Van Ness Ave today for the parade at 11am!
2. Philippine Independence Day Parade and Festival
Sunday, we’ll be in Historic Filipinotown to celebrate the 125th Anniversary of Philippine Independence.
The City of Los Angeles is home to the largest number of Filipinos living outside the Philippines anywhere in the entire world, and we want to continue creating space for multi-generational Filipinos and Filipino-Americans to build community and nurture a collective identity in CD13 and across the city.
We hope to see you tomorrow at the Filipino American Community Center of Los Angeles (1740 W Temple St)!