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News

City to grade banks and financial institutions Companies will be forced to submit local investment report
The L.A. City Council unanimously supported a plan to draft an ordinance that would require banks or financial institutions that do business with the city to submit a report detailing their investment in local communities. Financial institutions would be forced to provide a report card that grades how they choose to operate their company for an opportunity to compete for the city’s nearly $30 billion in investments. VICA has expressed its concern about the proposal and the city’s interference with business operations. Particularly, VICA questioned the city’s role in telling financial institutions how to run a business and invest funds.
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Leaders Forum with Dodgers Owner Frank McCourt Tues., Mar. 23, 8-9:30 a.m. The Beverly Garland Holiday Inn 4222 Vineland Ave., North Hollywood RSVP to monique@vica.com or CLICK HERE to register online.
Upcoming VICA Events
Destination: D.C. Advocacy Trip Mon.-Wed., Mar. 15-17, see flyer for schedule Capitol Hill Email monique@vica.com or call the VICA office at 818.817-0545 for more information or to RSVP.
VICA After Dark with L.A. City Attorney Carmen Trutanich Thurs., Apr. 1, 5:30-7:30 p.m. Morton's The Steakhouse 6250 Canoga Ave., Woodland Hills RSVP to monique@vica.com or CLICK HERE to register online.
Leaders Forum with Senator Barbara Boxer Wed., Apr. 7, 11:30 a.m.-1 p.m. Sportsmen's Lodge Events Center--Waterfall Room 12833 Ventura Blvd., Studio City RSVP to monique@vica.com or CLICK HERE to register online.
Sacramento Advocacy Trip Tues., Apr. 20, all-day State Capitol Email monique@vica.com or call the VICA office at 818.817.0545 for more information. CLICK HERE to register online.
Newsmaker Connection with CA Inspector General Laura Chick Thurs., Apr. 29, noon-1:30 p.m. VICA Office 5121 Van Nuys Blvd., Sherman Oaks MEMBERS ONLY EVENT. RSVP to monique@vica.com.
VICA After Dark with L.A. County Supervisor Zev Yaroslavsky Thurs., May 13, 5:30-7:30 p.m. D'Cache' 10717 Riverside Drive, Toluca Lake RSVP to monique@vica.com or CLICK HERE to register online.
San Fernando Valley Buiness Hall of Fame Thurs., Jun. 17, 6-9 p.m. Sheraton Universal Hotel 333 Universal Hollywood Dr., Universal City RSVP to monique@vica.com.
Click here for our Valley Business Calendar, which includes VICA Policy Committee information
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Advocacy
Lawmakers cling to partisan politics Business blasts Legislature for open primary settlement
VICA and other business groups stepped up this week to question the Legislature for its settlement allowing a rewrite of ballot language for Proposition 14. The measure (which is part of last year’s budget compromise) would create an open primary system in California with the hopes of easing partisan gridlock. The business community expects open primaries, paired with redistricting passed by voters in 2008, to give citizens a greater voice and elect moderate candidates who are willing to work together. Supporters of an open primary called the Legislature’s out-of-court settlement illegal and a political maneuver to maintain the status quo.
Click here to read VICA's 12 solutions for a better California
Follow business-related bills with VICA's Legislative Tracker
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Local Update: VICA's monthly column in the San Fernando Valley Business Journal
Privatization would improve city services
As news about the city’s budget deficit dominates headlines much of the buzz surrounds layoffs and cuts to city services. But savvy business leaders know that when times are tough creativity is needed to help overcome financial difficulties. The City of Los Angeles faces a budget gap of more than $200 million and that number is anticipated to double in the following fiscal year. Unless city leaders make sustainable and systemic changes to the way the city operates, the budget crisis will remain chronic. Significant cuts and layoffs are unavoidable at this point, but there are other ways the city can leverage its assets to help ease the budget shortfall. Over the next several weeks the Los Angeles City Council will consider public-private partnerships as one of the methods to help close the city’s budget deficit. Click here to read the entire column.
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