Measure B Could Eventually Keep Your Local Tax Dollars out of Major Private Banks
L.A. Tacoquoted Nicolas Duquetteof the USC Price School on Measure B, an initiative that could open the doors for a Los Angeles public bank.
“I don’t think it’s as radical as people think it is,” says Nicolas Duquette, a public-policy professor at the University of Southern California. “There are plenty of other services that are government-run financial institutions, like the F.D.I.C. [the Federal Deposit Insurance Corporation]. A public bank could be run for the city’s benefit, and any profit margin on services stays in the bank.”