Public Banking Institute – Although LA’s Measure B did not pass, the effort generated massive awareness and support in a few brief months. The California Public Banking Alliance is now using that momentum in their work toward statewide legislation that will enable cities and regions to establish public banks.
Public Bank LA, part of CPBA, claims victory despite the ballot measure’s defeat and writes about this wider strategy in a recent CPBA press release: “Over 395,000 Angelenos voted in favor of a policy that they had likely never heard of before 2018. 43% in favor is a strong baseline measure of support that public banking advocates look forward to building upon through sustained outreach and education. … Having this [state level] legal framework in place will give L.A. and other cities a solid template to work from in setting up our banks.”
Continue reading on Public Banking Institute.