Los Angeles voters rejected a ballot measure that would have allowed for the creation of a city-owned bank — a major setback for supporters of public banking and for City Council President Herb Wesson, who had made the bank one of his priorities.
Measure B, which would have amended the city charter to allow for the establishment of a “purely commercial” enterprise received the support of only 42% of voters. It needed a simple majority to pass.
Backers of the measure say they didn’t have the time or resources to run a winning campaign and that Wesson and the City Council put it on the ballot before they were ready.
“I think this could have used a lot more resources, and more time, and more concrete commitment from city leaders to the idea of a public bank,” said David Jette, legislative director of advocacy group Public Bank L.A. “If we’re going to seriously consider this, it’s going to take more than a quick ballot referendum and a few dozen incredibly dedicated activists.”
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