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ACCE Members Celebrate Initial Passage of Criteria for LA City Investment in Banks
5 March 2010
On Tuesday February 23rd ACCE members packed the Jobs and Business Development Committee of the Los Angeles City Council to support Councilmember Councilmember Richard Alarcon’s motion to set reasonable standards for future city investments in banks and financial institutions.
On Friday March 5th, after a weeklong push by ACCE and allied organizations, Los Angeles showed that financial industry reform will start at the local level. In a unanimous vote, the LA City Council authorized the development of a full ordinance laying out the new investment standards.
While ACCE members, city workers and local allies are excited about this exciting step, the real fight for financial industry reform is just beginning. To learn more about ACCE's campaign to stop foreclosures and hold banks accountable for their role in the financial crisis, contact apanarese@calorganize.org.