City councils in the nation’s two largest cities have approved laws aimed at forcing banks to invest more in their local communities. The Los Angeles city council unanimously passed its “responsible banking” ordinance yesterday afternoon; the New York’s city council passed its own shortly after by a vote of 44-4.
The laws were supported and pushed by activists from the 99 Percent Movement and religious groups who have led campaigns to move money from the nation’s largest banks. The ordinances give preference for city contracts to banks that make the most substantial investments in the local community through small business loans, home loans, foreclosure prevention, and other programs, according to the PICO National Network, a coalition of religious organizations that pushed for the Los Angeles ordinance:
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