L.A. City Council Votes to Support Occupy L.A.
The Los Angeles City Council voted Wednesday to officially support the Occupy Los Angeles demonstrations.
After nearly three hours of public comment, mostly from Occupy L.A. demonstrators, the council passed the resolution to support the movement, which aims to call attention to income inequality and protest banking practices.
The council first signed the resolution last Wednesday in support of the "peaceful and vibrant exercise in First Amendement Rights carried out by 'Occupy Los Angeles.'"
Co-sponsored by Councilmen Richard Alarcon and Bill Rosendahl, the resolution calls for "responsible banking," an ordinance where banks would be scored how they accomodate home loans and contribute to affordable housing. If these banks do not take measures to prevent foreclosure, the city will cut ties with them.
Councilmember Paul Krekorian added an amendment thanking the LAPD for handling the demonstrations in a professional manner.
Despite the resolution, some activists still verbally attacked the councilmembers, accusing them of siding with big banks and perpetuating inequality.
One protestor attacked the financial oligarchs which have "managed to buy a disappropriate share of our political influence." He continued by saying, "What they have done is to turn our economic system into a financial casino where production and real goods and services have become only a sideshow."
The resolution is opposed by the L.A. Chamber of Commerce and the Central City Association. These organizations argue that these requirements will only cost more money to the city.
"Like it or not we need banks," said Carol Schatz, president of the downtown business association. "And only large banks have the capabilities to handle this city's financial needs. You guys can't put your money under a mattress."
The banking ordinance will be heard in the Budget and Finance Committee on Nov. 21 and discussed before the full City Council by mid-December.
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