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City Council confirms oversight board for bank-linkage ordinance after brief questioning
Summary
The Los Angeles City Council confirmed four appointments to an oversight committee that will help implement the city's bank-linkage ordinance. Members raised questions about community-based representation before approving the slate unanimously.
The Los Angeles City Council on the dais confirmed four appointments to a newly formed oversight committee tied to the city's bank-linkage ordinance, voting to confirm the nominees forthwith.
Councilmembers said the oversight committee is intended to balance community advocates and banking-industry perspectives as the city implements provisions meant to address redlining and encourage reinvestment. Council President Pro Tem Ruth Galanter opened the discussion, then invited questions from members before the roll call.
Nut graf: The oversight committee is a formal part of implementing the bank-linkage ordinance and will review studies and recommendations tied to the ordinance's enforcement. Councilmembers emphasized that the slate was designed to represent community groups that have dealt with redlining and banking access as well as industry representatives.
Several councilmembers spoke in support of specific nominees while pressing for confirmation that the committee would include community-based organization representation. Councilmember Janice Goldberg asked whether one board slot designated for a community-based organization would be filled if an investment-banking nominee was appointed to that seat. Councilmember Joel Hernandez and other supporters responded that the panel was intended to include representatives from groups such as the Greenlining Coalition, Rebuild LA and local community development organizations and that the panel should be viewed as a whole when judging balance.
Nominee Marisa Griego addressed the council during the confirmation and said, "I will make the time," when asked whether she could balance the appointment with her business commitments. Other councilmembers described the nominees' experience in community development, banking and housing access. Councilmember Laura Misikowski and Councilmember Rita Walters both expressed support for Griego's record on housing and community development.
After discussion, the council opened the roll and recorded 12 ayes. The nominations were confirmed "forthwith" and the confirmed members were thanked for agreeing to serve.
Ending: Councilmembers said they expect the oversight committee to begin work on reviewing materials tied to implementing the bank-linkage ordinance and related studies, and they urged a unanimous, collaborative approach to the committee's work.
