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Should the city of LA create its own public bank?




People walk past the World Bank's headquarters in Washington, D.C. A watchdog says that the World Bank is not adequately monitoring how funds intended for Afghanistan reconstruction are being used.
People walk past the World Bank's headquarters in Washington, D.C. A watchdog says that the World Bank is not adequately monitoring how funds intended for Afghanistan reconstruction are being used.
Brendan Smialowski /AFP/Getty Images

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City Council President Herb Wesson wants Angelenos to weigh in on whether the city of Los Angeles should create a municipal bank.

Wesson proposed the idea more than a year ago. Next month, a ballot measure will give Los Angeles voters a chance to decide if they like the idea before the city goes to the trouble of working on a detailed plan. Voters will decide via charter amendment B whether to eliminate a barrier and alter the City Charter to allow Los Angeles to create the commercial enterprise. But critics say voters should first know how much forming a municipal bank would cost.

Meanwhile, city analysts say that ensuring public funds could require more changes to the City Charter and state law. If the ballot measure passes, Los Angeles would be the first jurisdiction in the U.S. to sign off on the idea.

Should the city of Los Angeles create its own public bank? Call us at 866-893-5722 and weigh in.

Guests:

David Jette, co-organizer for “Yes on B” and legislative director for Public Bank L.A., an advocacy group

Stuart Waldman, president of the Valley Industry & Commerce Association (VICA), a nonprofit representing businesses in the San Fernando Valley