Major developments are being made with public banking in Los Angeles! In September, Public Bank LA organized a private forum with international public banking experts and key policymakers at Los Angeles City Hall, including the City of Los Angeles Office of Finance and Councilmember Paul Krekorian, Chairman of the Ad Hoc on Comprehensive Job Creation Plan Committee- the committee in which the public banking motion will be heard prior to moving into full council. On October 4th, the Ad Hoc Committee on Job Creation convened to discuss the creation of a state-chartered public bank to be named the Bank of Los Angeles. The panel consisted of the City’s Attorney Office, City Administrative Officer, Chief Legislative Officer, and national public banking expert Ellen Brown, speaking on behalf of the Public Banking Institute and Public Bank LA. The Committee instructed the City Attorney’s Office and the CLA to report back on: the legal requirements and constraints of forming a municipal bank, legislative and legal barriers, regulatory barriers at federal, state and local level, and the  benefits and potential risks of public banking model in the US and international models including the German Sparkassen example. In addition, Chairman Krekorian instructed the City Attorney and CLA to report back on the potential investing in affordable housing, infrastructure, economic development purposes, including small business developments, servicing the cannabis industry, and student loans. We're extremely proud to see our elected officials at LA City Council moving in such a bold and progressive step in the right direction! We look forward to Los Angeles creating the first public bank in nearly a century, and the first municipal bank in the United States! We are making history and leading the way for a movement that we expect to see spread across the nation, with the potential to fundamentally transform the entire financial system! Thank you to our friends and supporters for signing our Public Bank LA Change.org petition- please continue sharing the petition to help spread awareness and public support on this critical issue. Our next goal is 1,000 signatures! Please stay tuned for exciting updates! In Solidarity, Public Bank LA Graphic courtesy of PBLA endorser Democratic Socialists of America - Los Angeles.