Thread by @publicbankla

BREAKING! Back-to-back wins in CA & LA. Los Angeles City Council unanimously approves motion authorizing public bank action plan, the 1st municipal bank in the US. #PublicBankLA will reinvest profits in the public interest, putting the power of capital in the hands of the people.

Public banks are lending and depository institutions owned and managed by a local government in the public interest. They leverage public funds to create credit that serves the public, from infrastructure projects to small business loans, social housing, green projects, and more.

The LA public bank will keep capital local by investing in community enterprises and public projects. By increasing the availability of productive capital, public banks give cities access to more funding,empowering citizens to transform their local economies for the greater good.

The LA public bank will keep capital local by investing in community enterprises and public projects. By increasing the availability of productive capital, public banks give cities access to more funding,empowering citizens to transform their local economies for the greater good

The City will now solicit proposals to hire a consultant to write the public bank’s business plan, ensuring that the bank will be economically viable. The consultant will engage with community stakeholders to gather input on lending priorities and design a democratic public bank.

This win was a people-powered effort. We did this with the support of @UFCW770 @LALabor @SEIU721 @UNITEHERE11, @LADemocrats, coalition leads @LosAngelesFwd @CalOrganize @SunriseMvmtLA @InclusivAction. Thank you to the 100 supporting orgs and electeds, from #MeasureB to now.

@UFCW770 @LALabor @SEIU721 @UNITEHERE11 @LADemocrats @LosAngelesFwd @CalOrganize @SunriseMvmtLA @InclusivAction Huge thanks to the #PublicBankLA all-volunteer team for their work setting the stage for the emerging national public banking movement with @calpba, from #AB857 to yesterday’s victory on #AB1177, to the federal 2021 Public Banking Act introduced by @AOC & @rashidatlaib.