Wednesday, February 29, 2012

L.A. City Council Moves Forward With Responsible Banking Ordinance

The Los Angeles City Council has voted to move ahead with a responsible banking ordinance, which had languished for more than two years. Under the ordinance, city leaders would monitor bank foreclosures and lending practices. Community groups and members of Occupy Los Angeles criticized the ordinance for dropping a grading mechanism from the proposal in order to gain support from the banking industry. Dan Fritz reports from Los Angeles.