AB 857 passes CA Senate

California’s groundbreaking Public Banking Act, AB 857, was approved by the State Senate today with widespread support 25 Aye’s, 11 No’s. The bill now has 17 co-authors in addition to the two lead authors Assemblymembers David Chiu and Miguel Santiago.

Next stop: The bill returns to the Assembly floor for a concurrence vote due to amendments added by the Senate. The California Public Banking Alliance is highly optimistic that the Assembly will pass the bill a second time and that Gov. Gavin Newsom will sign it, following a very encouraging meeting last month between the Alliance and his office. The Assembly vote could come as soon as tomorrow, Sept 12, and the California Public Banking Alliance is asking Californians to call their Assemblymembers to urge the ten undecided members to vote YES on AB 857:

AB 857 undecided Assemblymembers

With these votes, California is on the verge of a real financial revolution.

7 Thoughts on “California’s Public Banking Act approved by State Senate! Next up: Assembly floor”

    • As opposed to the ‘too big to fail’ banking system you have now where the law is broken with impunity as the fines are a fraction of the profits made?

  • Though I’m not a Californian I am vitally interested in expanding & underwriting public banks. I am delighted to know of the present & ANY future step forward concerning them.

  • I overwhelmingly support a California Public Bank and the Public Banking Act AB 857! As a state we’ll be able to create low-interest long-term capital investment to rebuild our state’s infrastructure saving us hundreds of billions of dollars in interest over the next 30 years alone.

    Please support this historic bill and follow in the footsteps of the state of North Dakota and their 100 year old state public bank!

  • We must all realize that a corporation is defined as a legal fiction (Ben Bernanke). My understanding of fiction is that is a made-up story on the order of Mickey Mouse. This means they get their power from the governments that set the rules for them. It is time to change the rules . Governments get their power from the people and in turn corporations should ultimately be responsible to the people also. That means they have more than profits to consider, if not we change the rules so that they are. Corporations need to be responsible to the communities they operate in, if not we change the rules. How can it be that corporations, i.e. legal fictions, are given the same status as people. If so why can’t Mickey Mouse vote too?

  • Excellent progress! Kudos and thanks to the Public Banking Institute team and others for the hard work in moving this along! The benefits to the state will be vast if this passes to reduce costs for infrastructure, both social and physical, and to strengthen capital flows inside the state for greater beneficial impact. I am pleased to make the calls as requested and encourage civic leaders to vote for economic resiliency. We have to get smarter on financial structures, this is a very good one, not as extractive and costly as most.

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