Photo by Cameron Venti.
Monterey County votes to explore a Central Coast public bank with its neighbors. On May 4, the Monterey County Board of Supervisors voted to explore its options in a partnership with Santa Cruz, Santa Barbara, San Luis Obispo and San Benito Counties to establish a Central Coast public bank. For the proposal to advance, the other counties would need to commit to financing part of the feasibility study. Santa Barbara County has so far joined Monterey and Santa Cruz in initial support.
A motion to create a public bank for Los Angeles passes its final committee, advancing to the full City Council. On May 11, the Los Angeles’ City Council Economic Development & Jobs Committee unanimously approved the motion forwarded by Committee Chair Curren D. Price, Jr. to pursue a public bank as described in California’s Public Banking Act, AB 857, which passed in 2019. Next stop, a full Council vote. If approved, the city would be the first to submit a request for a public bank charter under AB 857 and would authorize the development of the country’s first municipal public bank.
Public Bank LA quotes Chair Price:
“It’s inspiring and very exciting. The thought of being able to have low-cost credit makes a lot of sense. The idea of local priorities and recycling dollars…that’s all very plausible.”