Los Angeles City Council President Herb Wesson has renewed his pledge to create a municpal bank thanks to a newly signed law by Governor Gavin Newsom.
“I do believe that this is the way that government is supposed to work, where we partner with the people … together trying to affect change,” Wesson said. “Rarely do people have the chance to make history, and I just want to say to everyone standing beside me and behind me, that you folks have made history.”LA Council President Herb Wesson
Assemblyman David Chiu (D-San Francisco), co-authored the bill (AB 857) with Assemblyman Miguel Santiago (D-Los Angeles).
61% of voters rejected the banking proposal, presented to them, on the November 2018 ballot. At the time, it appeared as though the idea was to allow for cannabis companies to have a legal place to store their business proceeds.
The city of Los Angeles has legalized the sales of medical and recreational marijuana.
Read the full article on Wesson’s proposal by clicking here.