Santa Barbara, California. Photo by Jeff W.
Nine cities and counties along the coast of California have approved resolutions to participate in a viability study for creating a regional Central Coast Public Bank under California’s Public Banking Act AB 857. They include:
County of Santa Cruz
County of Santa Barbara
County of Monterey
City of Capitola
City of Seaside
City of Scotts Valley
City of Del Rey Oaks
City of Watsonville
City of Santa Cruz
The City of Marina also has the issue on its consent agenda for June 15 and may be the tenth city to join. For further details and updates, see the advocacy group People for Public Banking Central Coast.
San Francisco Supervisors vote Tuesday
In other California news, the San Francisco Board of Supervisors is meeting this Tuesday, June 15, to vote on the Reinvest in SF Ordinance, which will establish a San Francisco Reinvestment Working Group that will “submit business and governance plans for a non-depository Municipal Finance Corporation and for a Public Bank.” The Government Audit and Oversight (GAO) Committee unanimously passed the ordinance on June 3.
The Municipal Finance Corporation is being established as a prelude to a chartered public bank. Sign up to comment, support.