L.A. City Council President Herb Wesson has proposed creating a public bank owned by the city.
allowing California cities and counties to establish public banks, Wesson is again pushing forward the idea.Under a proposal introduced Friday at City Hall, Wesson wants city staffers to hire consultants to help L.A. establish a public bank.
“Most of the barriers have been lifted — but other guard rails have been put in place,” Jette said. “Now L.A. has a road map for how to build a bank that satisfies all the requirements of regulators.”Under the new law, cities or counties must conduct a study to assess if a public bank would be viable and get approval from a state agency to form one. Such banks must also get insurance from the Federal Deposit Insurance Corp.
“Ordinary citizens can come in and lobby City Council, do public comment and be part of the process,” she said.
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