What Is a Public Bank?

A public bank is a city-owned financial institution designed to keep public money working for the public good. In Los Angeles, supporters see it as a way to explore whether the City can lower borrowing costs, save taxpayer dollars, and direct more resources toward community priorities like affordable housing, transit, and essential services, rather than paying high fees and interest to big banks.

This effort is not about creating a bank right away. It’s about completing a feasibility study so LA can make a careful, informed decision about whether a public bank could strengthen our local economy and benefit residents in the long run.

Why Move LA Supports This Effort

We support the Public Bank effort because it fits squarely within our mission: transformative solutions for a more equitable, accessible, and affordable Los Angeles for everyone.

A public bank could mean more efficient use of taxpayer dollars and more room to invest in the things that matter most - affordable housing, reliable transit, clean air and climate health, and long-term financial stability for our city.

In a city where budgets are tight and the cost of living continues to rise, this is a practical and responsible opportunity to explore a financial tool that could help Los Angeles keep more of our resources working here at home where they belong.

To be clear, this is not about rushing to create a bank. It’s about responsible due diligence, doing the homework to understand what’s possible and smart for LA’s future. That type of forward-looking planning is exactly the kind of approach Move LA has always championed: thoughtful, community-centered, and built to serve everyone.

Take Action

Help us secure final funding and ensure the Public Bank feasibility study is included in the Mayor’s budget. Together, we can move Los Angeles toward a fairer, more sustainable, and people-powered financial future. Send an email today!