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California’s Senate Banking Committee passes the Public Banking Act, AB 857

June 23, 2019

sent via email from Public Banking Institute:

The California Public Banking Act, AB 857, cleared another committee yesterday as it passed the Senate Banking & Finance Committee 4 Aye’s to 2 No’s. This legislation would empower municipalities to create public banks and give communities greater control over the uses to which their money and credit are put. The bill goes next to the Governance & Finance Committee with a hearing to be scheduled the second or third week in July.

The California Public Banking Alliance, co-sponsor of the bill, posted a statement on social media:

“Thanks to the leadership of grassroots organizers, labor unions, elected officials, and cities across the State of California, the California State Senate’s Banking & Finance Committee just voted in favor of AB 857, legislation which would empower municipalities across California to establish public banks as a safe alternative to Wall Street megabanks, localize the Green New Deal, and allow communities to have direct input on local development for projects including renewable energy, affordable housing, small business, infrastructure, and others to put the needs of people over profits and craft innovative solutions to the crises facing Californians.”

Here is one area that the SF state representatives may be supported. Assemblyman Chiu is the author of this bill. Both Ting and Wiener are listed as co-sponsors. If you support this bill you may want to thank them for their work to put the issue on the ballot.

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