Budget and Finance Committee Unanimously Supports Responsible Banking Ordinance

FOR IMMEDIATE RELEASE
February 27, 2012

CONTACT
David Graham-Caso

david.grahamcaso @ lacity.org

Budget and Finance Committee Unanimously Supports Responsible Banking Ordinance

Councilmember Alarcón’s Proposal to Hold Banks Accountable Makes Significant Progress

(Los Angeles, CA) – The Responsible Banking Ordinance proposed by Councilmember Richard Alarcón took an important step closer to adoption today, as the City Council’s Budget and Finance Committee voted unanimously to send the proposal to the full Council for consideration. The Committee specifically voted to approve a report that outlines the concept of Councilmember Alarcón’s proposed ordinance, and to create a working group of experts and community advocates who will develop the exact criteria on which banks and financial institutions will be evaluated when competing for new contracts for the City’s business. Once adopted, Councilmember Alarcón’s Responsible Banking Ordinance will create a public, transparent process for gathering information about a bank’s history of service in the community before considering financial institutions for future City contracts.

Councilmember Alarcón, who introduced the Responsible Banking Ordinance in 2009, released the following statement in reaction to today’s Committee vote:

Statement of Los Angeles City Councilmember Richard Alarcón

“Today the City of Los Angeles took a giant step forward toward holding banks accountable and making the City of Los Angeles a more informed consumer of financial services. Responsible banking is the fiscally responsible way for the City Council to protect taxpayer dollars.”

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