Friday, October 28, 2011
And a rare bit of sanity (provisional!)
Probably won't get anywhere, but an interesting idea. A city councilman in Los Angeles is proposing that the city gov't should deal only with banks that invest in local small businesses:
A distinctly Populist idea. Somewhat reminiscent of North Dakota's state bank. Think locally, act locally. Disconnect from 'global' concerns. ¶ 4:28 AM
Los Angeles Councilman Richard Alarcon is pushing a "banking responsibility ordinance" that would require banks doing business with the city to invest in the community.
Alarcon: ... We have a responsibility to take care of our constituents. And that includes not just looking at a specific transaction, but looking at the reinvestment into our community. Are we going to do business with a bank that doesn't invest in our small business community? Are we going to do business with a bank that ripped off thousands -- and tens of thousands, if you will -- of people in the foreclosure crisis? Are we going to work with a bank that doesn't contribute to local charities? No.
Interviewer: Now I understand that you're getting some support from this Occupy Wall Street, or Occupy L.A., movement to push this idea forward?
Alarcon: They brought it to a head. The measure had been dwindling through the city system for over two years, and it re-surged when we incorporated it into a resolution to support the Occupy L.A. movement -- which by the way, received a unanimous vote at 12-0.
A distinctly Populist idea. Somewhat reminiscent of North Dakota's state bank. Think locally, act locally. Disconnect from 'global' concerns. ¶ 4:28 AM
