AB857 passes both houses

California’s groundbreaking Public Banking Act, AB 857, was approved by the State Assembly today for the concurrence vote, 41 Aye’s, 22 No’s. The bill required 41 Aye’s. The Senate approved the bill on Wednesday, Sept 11, 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: Gov. Gavin Newsom’s desk. The California Public Banking Alliance is highly optimistic that Gov. Newsom will sign it, following a very encouraging meeting last month between the Alliance and his office. He has until Oct 13 to approve the bill and make it California law.

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

vote roll for AB857 Assembly

7 Thoughts on “California’s Public Banking Act approved by State Assembly! Next up: Gov. Newsom’s desk”

  • I can’t help but wonder if this is the asynchronous structural problem that Carney referred to when explaining his belief that it was time for the monetary system to trade US dollar hegemony for a basket of currencies instead? “In the longer term, we need to change the game” says Carney.

  • This is great news. Elected leaders in Iowa are impervious to the idea of Public Banking. As with other things that begin in CA, perhaps, eventually, Iowans will see the wisdom of having tax dollars serve the community rather than lining Wall Steet’s pockets.

  • I have been following the progress of the Public Banking Act AB 857 with keen interest. I hope and pray that it is eventually signed into law in Carlifonia.
    I am a South African citizen and my country has the historical imbalance in the distribution of wealth.
    It is characterised as the most unequal societies in the world. This is as a result of the legacy that we inherited from the apartheid system.
    I believe very strongly that it is only through the establishment of a Public Banking system that we will as a country begin to deal with the triple scourges of poverty, inequality and the socio-economic status in my country.
    I am currently studying how the South African Banking system works and I would appreciate any information or assistance the Public Banking Institute could render in this regard.
    Thanking you in advance for your cooperation in this regard.

    • Hi Thami, I’m afraid I don’t have any information on how the South African bank works. I think public banking would be a great asset to any country, and wish you and your countrywomen the very best of luck! Cimbria

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