Posted on 07/30/2025
The City Council approved funding to conduct a study regarding the feasibility of establishing a City-run public bank. Councilmember Price, along with Councilmembers Blumenfield, Raman, Hernandez, Jurado, and Soto-Martinez have contributed $15,000 each to help fund the first phase of the study. If successful, the City could potentially begin the process based on North Dakota’s positive analysis of the impact of a public bank, which may offer a funding source that serves constituents without raising taxes. Following this action, the City Legislative Analyst’s Office will begin an independent RFP process to identify a firm to help aid in the research and development of implementing a public bank in Los Angeles.