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.”
“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.’”