The California Public Banking Alliance is working toward a state bill that will remove legal barriers to starting municipal public banks in the state. To that end, Public Bank East Bay recently met with Rob Bonta who represents the East Bay’s 18th Assembly District. He has agreed to co-author or perhaps even author the bill.
The CPBA is reaching out to more legislators to gain additional authors and support for a bill to be introduced in 2019. More to come as this story develops.
Although LA's Measure B did not pass, the effort generated massive awareness and support in a few brief months. The California Public Banking Alliance is now using that momentum in their work toward statewide legislation that will enable cities and regions to establish public banks.
Public Bank LA, part of CPBA, claims victory despite the ballot measure’s defeat and writes about this wider strategy in a recent CPBA press release:
“Over 395,000 Angelenos voted in favor of a policy that they had likely never heard of before 2018. 43% in favor is a strong baseline measure of support that public banking advocates look forward to building upon through sustained outreach and education. ... Having this [state level] legal framework in place will give L.A. and other cities a solid template to work from in setting up our banks.”
In the episode “The Mouse That Roared,” It's Our Money with Ellen Brown connects with PBLA's Measure B champions Trinity Tran and Ben Hauck to find out how they did it, why they did it, what they were up against, and what's next.
In the 100th episode “Retrospectives,” the program assembles select conversations from the nearly 5 years of special guests including Michael Hudson, Paul Hellyer, Saquib Bhatti, Bill Black, and Bob Bows.Read more
Following the example of a growing number of California cities, East Bay’s San Leandro released a Request for Proposals for a full-service bank to replace Wells Fargo, a full year after the city voted to divest the city from the scandal-ridden bank. San Leandro could be part of the proposed East Bay Public Bank.
The report by Steven Tavares in EastBay Citizen noted:
“With smoke from the Northern California wildfires choking the air in San Leandro, several members of the public at the finance meeting urged for greater urgency. ‘We all know that a city council is capable of moving quicker if our lives depended on it and you’re not behaving in that fashion,’ said San Leandro resident Lawrence Abbott.”
Top policymakers in the United Kingdom recently addressed the prospect of a central bank digital currency. The UK group Positive Money writes about why this matters:
“Cash currently exists as notes and coins, which are estimated to make up just 3% of the UK money supply, with the rest of the UK’s money existing electronically. What many people don’t know is that most of this electronic money is not simply a digital equivalent of cash, as it is ultimately owned by private banks, that create it when they loan it out to us. … [Positive Money is] also proposing the introduction of [central bank] digital cash alongside physical cash. ...”
2018 has been the year of the public bank. As you can see from our latest map, people all across the country are becoming aware of, as one advocate put it, the "best kept secret in the country": the successful power of a public bank.
With a donation for #GivingTuesday next week November 27, you can help us keep this momentum going!
2019 is the 100th anniversary of the founding of the publicly owned Bank of North Dakota. You can help make 2019 the year public banks win!
San Francisco’s robust Defund DAPL Coalition and SF Public Bank are joining forces to launch a SF Public Bank Coalition January 10 with an evening event that brings together speakers, music, food and community.
Attendees will learn how a city-owned public bank can bring San Francisco’s $11 billion budget “From Wall Street to Our Streets,” and can strategize in break out sessions focused on student debt, affordable housing, renewable energy and more. Event takes place at The Women’s Building 3543 18th St #8, San Francisco, CA 94110. More information here. Facebook event here.
The benefits of public banking are now making their way into conversations all over the country. Former history teacher Joe Clifford makes a call for a public bank of Rhode Island in a recent article in GoLocal:
“The most successful bank in this country is a public bank owned by the citizens of North Dakota. [It’s] the best kept secret in the country. … If you live in Rhode Island would it not be prudent to have a bank owned by the citizens of the state, overseen by the citizenry, and not interested in profit? Imagine the savings of the just-approved bond issues if RI had a public bank.”
PBI is participating in this year's #GivingTuesday initiative — a global day of giving. This year it will take place on November 27.
Your donations make it possible for PBI to be your hub for public banking information, to connect and inspire this movement, to educate the public, and to inform public officials.
Help us inspire others to give. Tell us in a quick sentence why you support PBI and public banking and send it to email@example.com. Thank you for all the help and generous donations!
PBI Chair Ellen Brown writes her views on the "valiant effort" that hundreds of committed advocates made to pass the LA measure for a city-owned bank.
"The Los Angeles charter amendment to approve a city-owned bank did not pass, but it did get 42 percent of the vote, a remarkable feat considering that the dynamic young Public Bank LA advocacy group effectively only had a month to educate 4 million voters on what a public bank is and why passing the measure was a good idea. If they had had another month, the bill could well have passed. ...