CPBA advocates in Sacramento

Photo courtesy California Public Banking Alliance.

The California Public Banking Act, AB857, cleared the State Senate Appropriations Committee today and heads to the floors of the Senate and Assembly for passage with amendments. Assuming it passes both houses and Gov. Gavin Newsom signs it by September 13, the state’s deadline, it will become California law.

The bill has massive public support. Dozens of advocates with the California Public Banking Alliance met with legislators at the state Capitol in Sacramento to lobby for the bill on Monday, August 26th, and U.S. Presidential candidate Bernie Sanders tweeted his endorsement yesterday.

Long Beach Mayor Robert Garcia is also on board! He said last week that he stands with the organizers of the Public Banking Act, and that if the bill becomes law, he hopes Long Beach would be the home of one of the state’s first public banks.

Garcia tweeted that the bill is “an amazing opportunity to invest directly into people and neighborhoods. Very exciting.”

Bernie Sanders Robert Garcia tweets

 

Reporter Hayley Munguia quotes Garcia in a Long Beach Press Telegram article:

“In Long Beach, and in the state, you have public transit, you have public libraries, you have public schools, and the thing that is defining about when governments get behind a certain type of service is that they attend to the public good.”

The Alliance posted on Facebook:

“VICTORY!! #AB857 just passed the Senate Appropriations Committee! The Public Banking Act cleared its sixth and final Committee hurdle in a historic victory for the public banking movement. AB 857 now heads to a full vote on the Senate floor!!”

AB 857 heads to senate floor

[Read the full Press Telegram article]

4 Thoughts on “CA’s Public Banking Act clears its final committee! On to full floor votes.”

  • I’ve written my State Senator , Ling Ling Chang, and my State Legislative Representative, Sharon Quirk-Silva, and provided both with concrete & personal life history examples going back almost 50 years when a Public Bank option would have been WIN WIN WIN WIN across the board. Keeping funds at work within our cities, counties, and State are real benefits. Please call and write your elected state representatives to press hard for a YES vote to send this to the Governor for immediate signature.

  • “We can have democracy or concentration of wealth, not both,” said Justice Louis Brandeis, the longest-serving Supreme Court justice.
    Trump with rotten economics (tax evasion, tax oases, profit shifting, and stock buybacks) is leading us to the Stone Age or the new Gilded Age. Public banks and ending tax oases and tax competition would be giant steps to a fair tax policy.

  • I have practiced community development finance for more than 30 years and fully support the California public banking act. As a former commercial bank, I have first hand experience with the primary motivation and limitation of for profit financial institutions and capital providers fail to effectively meet the needs in underinvested neighborhoods and targeted populations.

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