Occupy, union groups rally for L.A. banking ordinance

More than a hundred demonstrators, including members of the Occupy movement and union groups,  held signs and blew whistles on the steps of City Hall on Tuesday to support a proposal requiring banks doing business with the city of Los Angeles to report on foreclosures, charitable giving and other activities.

The City Council is considering the proposed law and is expected to vote within the hour.

Jacob Hay of Good Jobs L.A. said the ordinance, if adopted, would aid residents and elected officials in deciding whether to do business with certain banks based on their activities.

It would require banks to disclose data on their foreclosures, small-business loans and other involvement in city neighborhoods. An earlier version of the law would have ranked banks by their community-friendliness, but the final version left that provision out.

Tuesday's rally comes months after demonstrators with Occupy L.A. demanded an aggressive crackdown on Wall Street banks, camping at City Hall for two months before being removed by the Los Angeles Police Department.

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-- Catherine Saillant

Photo: Pamela Hall with Good Jobs L.A. leads the rallying cry against the banks during a press conference in front of city hall. Credit: Photo by Michael Robinson Chavez/Los Angeles Times