LA City Council president to propose city’s first public bank

Monday, October 7, 2019

LOS ANGELES — Los Angeles City Council President Herb Wesson said Monday that he will propose establishing the city’s first public banking institution.

Wesson said he’ll file a motion this week calling for the council to authorize a search for a “banking expert” to help the city get a public bank up and running. The move comes several days after Gov. Gavin Newsom signed into law AB 857, which allows statewide establishment of public banks.

“I do believe that this is the way that government is supposed to work, where we partner with the people … together trying to affect change,” Wesson said. “Rarely do people have the chance to make history, and I just want to say to everyone standing beside me and behind me, that you folks have made history.”