Brief

Councilmember Ysabel Jurado, seconded by Heather Hutt, introduced a budget motion directing the City Administrative Officer to fund a feasibility study on creating a public bank for Los Angeles. The motion would explore whether the city can establish a municipal bank to serve public finance and community lending needs. It was referred to the Budget and Finance Committee on May 21, 2026, and remains pending there.

Full summary

This budget motion, introduced by Councilmember Ysabel Jurado of the 14th District and seconded by Councilmember Heather Hutt, proposes a targeted amendment to the Budget and Finance Committee's report on the Mayor's Proposed Budget for 2026-27. Specifically, it would instruct the City Administrative Officer to identify $325,000 in gap funding to conduct a Public Bank Study. The motion is structured as a budget amendment with no net fiscal change to overall city spending, meaning the CAO would need to locate existing or unallocated funds to cover the cost rather than adding new appropriations. A public bank is a financial institution owned and operated by a government entity — in this case, the City of Los Angeles — designed to provide banking, lending, or credit services outside the traditional private banking system. Proponents of public banking argue it can reduce borrowing costs for public infrastructure, reinvest public deposits into community priorities, and expand access to credit for small businesses, nonprofits, and underserved residents. The $325,000 study would presumably assess the legal, financial, regulatory, and operational requirements for establishing such an institution in Los Angeles. The motion was introduced and referred to the Budget and Finance Committee on May 21, 2026, and no further committee action has been recorded. The file remains active with an expiration date of May 21, 2028, giving the committee a two-year window to take up the proposal, deliberate on whether to recommend the funding, and forward a recommendation to the full Council for a vote.

Activity (1)

• 2026-05-21 Motion referred to Budget and Finance Committee.

Documents (1)

• 2026-05-21 Motion · motion