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.