Los Angeles Voters Reject First Public Bank Bid for U.S. City
- Charter amendment would have started process for muni bank
- Only public bank in 50 states is Bank of North Dakota
Los Angeles
Photographer: Konrad Fiedler/Bloomberg
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Los Angeles voters rejected a ballot measure that would have allowed the city to establish a public bank, which would have been a first for a U.S. metropolis.
About 58 percent of voters cast ballots against the charter amendment that would have started the process, with 78 percent of precincts reporting, according to the Associated Press.