Los Angeles And San Francisco Announce They Are Moving Forward With Plans To Start Public Banks
Close on the heels of the Public Banking Act being signed into law last week, LA City Council President Herb Wesson announced he will be introducing a motion within the week to hire a banking expert to draft a comprehensive plan for a public bank for the City. The San Francisco Chronicle reported that San Francisco was also pushing ahead with plans for a city-owned bank. Wesson announced the motion in a press conference (Facebook link) celebrating the unprecedented success of AB 857 in front of Los Angeles City Hall on Monday Oct 7.