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L.A. City Measure That Would Eliminate Barrier to Form Public Bank Trails in Early Returns

David Jette, left, speaks to Shelly Rose at a West L.A. Democratic Club meeting about whether to nudge along the budding movement to create a public bank owned by the city in this undated photo. (Credit: Maria Alejandra Cardona / Los Angeles Times)

David Jette, left, speaks to Shelly Rose at a West L.A. Democratic Club meeting about whether to nudge along the budding movement to create a public bank owned by the city in this undated photo. (Credit: Maria Alejandra Cardona / Los Angeles Times)

Los Angeles voters on Tuesday considered a ballot measure that would eliminate a key barrier to forming a municipal bank, paving the way for the plan to move forward at City Hall.

The ballot measure seeks to alter the City Charter so that the city can legally create a “purely commercial” enterprise.

The measure trailed in early returns.

If Charter Amendment B passes, Los Angeles will become the first jurisdiction in the U.S. where voters have signed off on the idea, bringing fresh momentum to the public banking movement. Backers of the plan argue that a public bank could save the city money on fees, steer clear of predatory practices, and generate profit that could be invested in local communities.

Read the full story on LATimes.com