Important Information on Measure B: Effort to Establish a Municipally Owned Bank in Los Angeles
Voters in LA go to the polls on Nov. 6
On November 6, voters in the City of Los Angeles will choose whether or not to approve the establishment of a municipally owned bank. The purported purpose of this public bank is to take deposits, fund affordable housing, make small business and student loans and fund infrastructure development. Specifically, voters will be asked to amend Section 104(g) of the city charter to authorize the city to form a bank that would compete directly with privately held financial institutions. The measure, Measure B, was placed on the ballot by the city council and represents a significant threat to commercial banks.
The California Bankers Association has established a campaign committee account, Californians For Financially Responsible Government, to oppose Measure B, to help ensure that banks have a voice in the dialog around this important decision before voters in November.
Please click here if you are interested in making a financial contribution to the opposition effort.
Please click here to read background information on the city of Los Angeles’ effort to create a public bank.
Thank you in advance for your support and consideration.
Editorials Urge a NO Vote on MEASURE B…
“Charter Amendment B is one of the most ill-conceived, half-baked ballot measures in years. Vote no.” Click here to read the full text of the LA Times editorial.
“City-owned Bank? It’s a Bad Idea”: Click here to read the editorial in the San Fernando Business Journal.