Banking on Los Angeles


This week, we marked the beginning of a new fiscal year in the City of Los Angeles with a new City Council and a renewed vision to serve the people. We celebrated the many historic achievements in recent years, including better wages for Angelenos, getting on a path toward clean energy, leading the way in the region's transit revolution, making it easier to do business in LA and investing in our sidewalks.

While LA continues to lead the nation in innovation and progressive policy to protect our residents, there are still many challenges we must overcome in order to fortify our economy, reduce homelessness, increase public safety and improve the quality of life in our neighborhoods. Our goal has been and remains creating the kind of city with the wealth of services that Angelenos seek and deserve. 

Looking Ahead

Last Tuesday, the first day of business in the new City Council session, Council President Herb Wesson tasked me with examining whether we can and should create a municipal bank for Los Angeles, which would serve Angelenos and keep our money right here in the city.

The next day, I joined Council President Wesson and others by submitting a motion to study the feasibility, requirements, legislative barriers, and any other relevant aspects of creating a state-chartered public bank that will provide banking services, reinvest in the communities, neighborhoods, and residents of the City of Los Angeles primarily through the acquisition, construction, and rehabilitation of affordable and workforce housing, utilizing deposits and providing financial services to local businesses. The Ad Hoc Committee on Job Creation, which I chair, will take up this issue in the coming months. I believe it will be a great opportunity to invest in our infrastructure and support small local businesses, and I welcome your input on this proposal. 

This will not be my only area of policy work, however. I will continue to chair the Budget and Finance and Job Creation committees, and will also serve on the Energy, Climate Change and Environmental Justice Committee; the Trade, Travel and Tourism Committee; and the Housing Committee. 

But my most important work remains the same -- serving you, my constituents. My staff and I have a renewed vigor and determination to do our best to make sure the City of Los Angeles works for you. We will continue to connect you with the services you need and I will continue to advocate on your behalf at City Hall.  

As always, I welcome your thoughts and comments: [email protected].