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Los Angeles Moves Forward on Public Banking and Assembly Member Santiago Responds

For immediate release:

(Sacramento, CA) Following the Los Angeles City Council’s adoption of a motion to fund a feasibility study for a City-owned public bank, Assembly Member Miguel Santiago (D-Los Angeles) who authored (along with former Assembly Member David Chiu (D-San Francisco)) AB 857, (allowing cities and counties to establish public banks) and AB 1177, (moving forward public banking statewide), released the following statement:

“California’s economy is the fourth largest in the world, but that doesn’t mean it works for everyone. Today, too many Angelenos are struggling to pay rent and even food. That’s why we successfully fought to pass AB 857, the Public Banking Act and AB 1177, the Public Banking Option Act,” said Assembly Member Santiago.

“Public banking fights the racial wealth gap and helps low-income families build wealth. I commend the City Council’s action last week that brings us closer to opening a City-owned public bank. Through a City-owned public bank, we can fight homelessness by building more affordable housing, encourage innovation through small business assistance and even fight climate change through funding climate-friendly infrastructure projects.”

Assembly Member Miguel Santiago is the Chair of the Assembly Committee on Governmental Organization. He also sits on the Assembly Committees on Public Safety, Health, HigherEducation and Utilities and Energy. He represents the 54th District composed of the cities of Los Angeles, Commerce, Montebello, and Vernon.