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.
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