GUEST: Trinity Tran, Lead Organizer, Public Bank LA
BACKGROUND: Voters in Los Angeles will have the opportunity this fall to decide whether or not to charter a public bank. If the measure is successful, Los Angeles would become the first city in the country to have its own bank. Currently the city banks with large financial institutions like Wells Fargo, which make hundreds thousands of dollars in interest off of taxpayer money and then in turn invest those profits into unjust institutions like private prisons and fossil fuel corporations. Many campaigns over the years have attempted to pressure banks to stop their funds from promoting unjust or cruel practices. A public bank would address this problem at its source, removing tax dollars from private institutions altogether.