The City Council voted to fund a feasibility study for a public bank in Los Angeles. Advocates say a public bank will better serve the community.
The AIDS Healthcare Foundation has spent tens of millions on pro-tenant causes. Yet elderly and disabled tenants at one of its buildings complain they have spent months at a time without a functioning elevator.. While opponents acknowledge that the goals for a public bank sound noble, they question the city’s ability to open and operate a complex financial institution.
Advocates and opponents agree on one point: If the bank comes to fruition, hiring the right people is critical. “A local government like the city of L.A. can then borrow directly from a public bank without the need for expensive, private Wall Street middlemen,” Tran said.
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