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Do we really need more Banks though? I understand competition is good thing to have within any service so we're likely better off than in the old days where it were only 2-5 Banks in existence. But now we're somewhere over the 4K mark and is mind boggling that we'd need so many.
So the same folks who can't balance a city, state or county budget want a bank of their own? Awesome! At 62, I have never seen a government program that wasn't under budget, on time, and improved lives. Look at the mere hundreds of thousands of IRS rules or the shining example of the social security folks.
It is not just LA looking to do a public bank. Philadelphia is trying to have a city owned bank as well.
Article from the Philadelphia Tribune
There was a glimpse of the Post Office trying to serve the "Underbanked."
Article below from FastCompany is from 2019: