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City Council Passes Responsible Banking Ordinance
Two days after JP Morgan Chase announced its $2 billion loss from risky trading, the New York and Los Angeles City Councils passed so-called responsible-banking ordinances. In LA, it was the result of a three-year effort by City Councilman Richard Alarcón. The vote in favor of Alarcón's measure was unanimous.
By Warren Olney • • 1 min readTwo days after JP Morgan Chase announced its $2 billion loss from risky trading, the New York and Los Angeles City Councils passed so-called responsible-banking ordinances. In LA, it was the result of a three-year effort by City Councilman Richard Alarcón. The vote in favor of Alarcón's measure was unanimous.
