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Public Bank Feasibility Study

At a glance

  • What: a motion by Yaroslavsky and Harris-Dawson (agenda item 17, a Budget and Finance report) to fund a feasibility study of a city-owned public bank. Critics put the cost at about half a million dollars.
  • Where it stands: adopted on 2026-10-21 by 11 ayes, 3 noes, per the Council journal. The no votes were Lee, Park and Rodriguez; Hernandez was absent.
  • Amount: 460,000 dollars (Council File 25-0600-S16), less funding already approved or pending for this purpose under Council File 19-1235-S1.
  • Next: the study itself, which Padilla wants to cover reducing predatory lending.

Arguments

  • For: Jurado said several council offices had already pitched in and that a public bank could finance affordable housing and small businesses and keep fee money in Los Angeles. A coalition caller cited the Bank of North Dakota's returns.
  • Against: Park said the city cannot manage its own finances or supply the billions in start-up capital and called the study a waste while streetlights are out. Two general-comment callers also questioned the council's banking expertise.
  • The Council President asked that earlier work on libraries as alternatives to check-cashing outlets be included.

Official action, 2026-10-21 (journal)

  • Item 17 was a Government Operations Committee and Budget and Finance Committee report on a motion by Jurado and Soto-Martinez to amend the Budget and Finance Committee report on the Mayor's proposed 2025-26 budget. It instructs the City Administrative Officer (CAO), with the Chief Legislative Analyst, to identify 460,000 dollars for a Public Bank Study, less funding already approved or pending under Council File 19-1235-S1, including working with council offices on possible use of discretionary funds.
  • It also instructs the CAO to list unfunded requests, including this study, in each Financial Status Report starting with the first one to come to the Budget and Finance Committee, so the Council can prioritize them if money becomes available.
  • Yaroslavsky moved, seconded by Harris-Dawson, to adopt the Budget and Finance Committee report dated October 7, 2025. Adopted as attached to the journal.
  • Vote: Ayes: Blumenfield, Harris-Dawson, Jurado, Hutt, McOsker, Nazarian, Padilla, Price, Raman, Soto-Martinez, Yaroslavsky (11); Nays: Lee, Park, Rodriguez (3); Absent: Hernandez.

Sources

Discussion time

About 9 minutes across 1 meeting (from transcript timestamps; approximate).

Meeting Minutes
2026-10-21 - City Council 9

Log

2026-10-21 - City Council

Journal: adopted 11 to 3 (Lee, Park and Rodriguez opposed) to identify 460,000 dollars for the study, less funds already approved or pending, and to track it as an unfunded request in each Financial Status Report.