Tuesday, February 28, 2012

Los Angeles City Council to Consider Responsible Banking Ordinance

FOR IMMEDIATE RELEASE
February 28, 2012

CONTACT
David Graham-Caso
david.grahamcaso @ lacity.org

***MEDIA ADVISORY FOR WEDNESDAY, FEBRUARY 29***
Los Angeles City Council to Consider Responsible Banking Ordinance
Councilmember Richard Alarcón’s Proposal to Hold Banks Accountable Will Be Heard By Full Council

(Los Angeles, CA) – On Wednesday, February 29, the Los Angeles City Council will take an important vote that would bring Councilmember Richard Alarcón’s Responsible Banking Ordinance a giant leap closer to becoming law in Los Angeles. Formally, the Council will consider a report that was unanimously approved by the Budget and Finance Committee on Monday, February 27, 2012. If a majority of the Council votes to approve the report tomorrow, the Los Angeles City Attorney will be instructed to draft official language for the Responsible Banking Ordinance, which would then be voted on by the Council. The Ordinance language would likely be considered by the Council within 30 days of tomorrow’s vote.

Once adopted, Councilmember Alarcón’s Responsible Banking Ordinance will create a public, transparent process for gathering information about bank’s history of service in the community before awarding financial institutions with future City contracts. The Ordinance would not preclude any financial institutions doing business with the City of Los Angeles, but would rather require banks interested in doing business with the City to provide information about their work in Los Angeles. More information about the Responsible Banking Ordinance, which was first introduced by Councilmember Alarcón in 2009, can be found at www.responsiblebankingLA.blogspot.com.


WHAT: Councilmember Richard Alarcón’s Responsible Banking Ordinance

WHO: Los Angeles City Councilmember Richard Alarcón

WHEN: Wednesday, February 29, 2012
10am

WHERE: Los Angeles City Hall
200 N. Spring St.
Los Angeles, CA 90012

MEDIA AVAILABILITY will be hosted in the City Hall Third Floor Media Room (behind Council Chambers) immediately following the vote.

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