banking system illustration Chiara Di Martino

Illustration by Chiara Di Martino courtesy El Tecolote.

In the San Francisco paper El Tecolote, Ian Firstenberg writes that California’s AB857 is “one step in a full sprint towards people’s control of the City’s money.” Firstenberg sees that a “unified front of working people, organizers and politicians is what has brought public banking to the forefront of the political discussion … bolstered by a ground swell of people, across party lines, who see California’s investments in large conglomerate banks as not only immoral but unsustainable.”

He quotes Assemblymember and bill co-author David Chiu:

It doesn’t make sense to line the pockets of Wall Street investors with public tax dollars when we could be investing that money back into our local communities. … AB 857 is really about making sure that the public’s money is used to benefit the public.”

Firstenberg continues:

“That wave of public banking support is clearly bolstered by a ground swell of people, across party lines, who see California’s investments in large conglomerate banks as not only immoral but unsustainable.

“Supervisor Sandra Fewer told El Techolote, ‘This legislation [AB857] changes the game and allows a pathway for local or regional public banks to be formed and chartered by the state, an option that previously did not exist.’”

[Read the full article]