May be the proposed Municipal Bank of l . a . an idea that is good?
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A week ago, the l . a . City Council’s Economic developing and Jobs Committee approved a motion meant for the Municipal Bank of Los Angeles. It is a bad concept.
Supporters confuse lending with spending. The bank is supported by an assortment of unique interest groups – but there is no transparency. No information on capital for Public Bank Los Angeles – the organization advertising the idea — can be obtained.
Work recommendations when it comes to Public Bank of Los Angeles really are a red banner. Relating to Public Bank LA, union help includes: the Los Angeles County Federation of work, the United Food and Commercial Workers (UFCW) Local 770 (which represents grocery and workers that are retail, and UNITE HERE neighborhood 11 (which represents employees in resort hotels, restaurants, and airports).
It’s possible to just conclude that unions anticipate impact within the funding that is final – possibly borrowers may be needed to pay union wages. This may preclude funds gonna little businesses that are inner-city many supporters for the bank imagine it can help plus it could have the result of crowding low skilled workers away from jobs.
In February, Public Bank Los Angeles held A town that is virtual hall rally supporters. Town Hall revealed that supporters have no idea of just what a bank that is public or would do. (more…)