A Public Banking Revolution Is Headed to Los Angeles

Challenging the international bankers and the corrupt mega-banks is no small task. Phoenix Goodman, co-founder of the PublicBankLA movement, discusses with Chuck Carlson and members of We Hold These Truths, his group's intriguing efforts to get the City of Los Angeles to start a public bank. Los Angeles manages more than five billion dollars in annual revenue collected from tax, fee and fine payers. The city paid over $109 million in transactional and origination fees to commercial banks in 2016. In an era of consolidation, where banks have grown too-big-to-fail, any discerning city will soon run out of options of where to put its money. The PublicBankLA campaign has convinced the Los Angels City Council to put an iniative for starting a city, public bank on the ballot for voter approval. A very successful example of a public bank is the Bank of North Dakota that has been existence for almost 100 years. For articles by WHTT about public banking: Click here (32 minutes)