ABC7 News – October 8, 2021. Los Angeles might be the first major metropolitan city to create a public bank. A public bank would be owned and operated by the city.

Los Angeles City Council voted unanimously to take the first steps in seeing the viability of a public bank. According to city councilmembers, it aims to help low-income communities and could provide investment opportunities at a local level. And they say the bank operations would include:

Credit access for small businesses
Financing for affordable and social housing
Plus, opportunities for green energy investments

Continue reading and watch the video on ABC 7 News.