After a long hiatus, the movement to establish a public bank in Los Angeles is once again moving forward.
California is the second U.S. state to let cities and counties establish public banks, which can lend out public funds at low interest rates.Establishing a public bank would also enable the city to respond to the climate crisis “by protecting those individuals who are poised to be at the front lines of the harms that will result from it,” Councilwoman Nithya Raman said.
During public comment, Giancarlo Rubio of the Valley Industry and Commerce Assn. was harshly critical of the motion, calling it “a slap in the face” to voters who had already soundly rejected the 2018 public banking ballot measure. “Public banks are risky and expensive,” Rubio said. The formation of a city-owned financial institution still remains a long way off, and the City Council won’t decide on the issue until a consultant is hired and their report is completed. Part of the motion that passed instructs city officials to create a timeline for the process, which would include the eventual submission of application to state regulatory authorities for a bank charter.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hollywood, al borde de una huelga que paralizaría casi todos los rodajesLos miembros del principal sindicato de la industria del entretenimiento, IATSE, aprobaron este lunes de manera unánime convocar una huelga que podría paralizar la mayoría de producciones de Hollywood.
Read more »
Derrame de petróleo en California es uno de los peores desastres de la zona 'en décadas'Reportan la fuga de unos 3.000 barriles de petróleo
Read more »
Sowing the Seeds of Love: Sprouting Seeds at Home is as Easy as 1-2-3Sprouting seeds is an easy introduction to growing your own food from the comforts of your kitchen. instafood sproutingseeds grow homemade seed greenthumb
Read more »
HBO Max sharpens prices for European launch, adds more countriesHBO Max is stepping up the competition on prices with Netflix and Disney for the streaming service's upcoming European launch, and adding more countries to its launch slate.
Read more »
The Real-Life Children's Games of 'Squid Game': Your GuideCreator Hwang Dong-hyuk took inspiration from the games he played in his own childhood.
Read more »