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Responsible Banking Ordinance goes before LA City Council committee
Protesters demonstrated at a downtown Bank of America building on Wednesday, November 9, 2011
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Corey Bridwell/KPCC
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WASHINGTON - OCTOBER 15: A person holds a sign critical of Bank of America during a rally on the National Mall October 15, 2011 in Washington, DC. Activists gathered for the annual rally to celebrate the American Civil Rights Movement and rally for equal employment. (Photo by Brendan Smialowski/Getty Images)
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Brendan Smialowski/Getty Images
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Protestors march through downtown Los Angeles' financial district October 6, 2011 during an anti-Wall Street demonstration. At least 10 protestors werre arrested after they entered a Bank of America branch and refused to leave. The arrests came at the end of a march of about 500 protestors from labor unions, Occupy LA and other groups who marched passed banks and other financial institutions.
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Responsible Banking Ordinance goes before LA City Council committee
Responsible Banking Ordinance goes before LA City Council committee
The Los Angeles City Council’s budget committee Monday debated a proposed Responsible Banking Ordinance. The measure, with strong backing from Occupy L.A. protesters, seeks to compel the city to do business with socially responsible banks.
The measure’s most vocal backer, Councilman Richard Alarcon, says the city should ask a few questions of the banks in which L.A. deposits billions of dollars.
“Were they aggressively pursuing modifications for home loans, for example, or did they sit back and foreclose on thousands of people in our community?" Alarcon asked. "Why should we give them our people’s money if they’ve been a bad player in our community?”
But rating banks, and bond underwriters, is a complicated business, says City Administrative Officer Miguel Santana. He supports asking banks about their lending and reinvestment practices, but opposes issuing a uniform scorecard for financial institutions.
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“Unfortunately, the city doesn’t have the resources to do that or the expertise," Santana said. "And it’s not really part of the city’s principle responsibility.”
Supporters of the Responsible Banking Ordinance worry that Santana is under pressure from banks to water down the measure. The full city council promised to consider some form of the ordinance after hundreds of Occupy L.A. protesters filled council chambers last month demanding action on a measure that’s languished in committee for more than a year.
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But the game has changed: Congress voted to eliminate funding for public media across the country. Here at LAist that means a loss of $1.7 million in our budget every year. We want to assure you that despite growing threats to free press and free speech, LAist will remain a voice you know and trust. Speaking frankly, the amount of reader support we receive will help determine how strong of a newsroom we are going forward to cover the important news in our community.
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