April 2021 Update
- An important new priority has emerged: AB 1177, the California Public Banking Option Act. This legislation will directly benefit the millions of California families currently victimized by predatory lenders and ignored by the greedy Wall Street banks. Learn more at BankCalNow.com.
- The exciting work on a California state public bank will continue, probably in 2022 with a new bill number.
- See also: California Public Banking Alliance
- FYI: For 2021, the bill number AB 310 is no longer connected with the Public Banking movement. It has been amended and repurposed as a wealth tax proposal, in coordination with ACA 8.
August 2020 Past Update
California State Public Bank
Basic Information (2020)
As proposed in 2020, our legislation was intended to provide COVID-19 relief by expanding the lending capacity of the State’s Infrastructure Bank (IBank), and then create a State Public Bank by converting the IBank into a depository institution. The expanded IBank would be able to leverage its capital up to ten times and direct its lending toward a just and equitable economic recovery.
For more information, please download our Basic Flyer and one-page documents devoted to General Information, Labor issues, Green New Deal, Community Banks, Local Government, Small Businesses, or combined file containing all seven pages.
Watch the Press Conference from July 9, 2020: Facebook Video
Legislation Details (2020)
Organizational Endorsements (2020)
California Public Banking Alliance [Co-sponsor]
California Reinvestment Coalition [Co-sponsor]
UFCW Western States Council (United Food & Commercial Workers) [Co-sponsor]
Lawyers’ Committee for Civil Rights (LCCRSF) [Co-sponsor]
SEIU California (Service Employees International Union)
Friends of the Earth
Los Angeles County Federation of Labor, AFL-CIO
Public Banking Institute
UFCW Local 770
… and many more
Endorsements: City Officials (2020)
Los Angeles Mayor Eric Garcetti
Long Beach Mayor Robert Garcia
Authors and Co-authors (2020)
Assemblymember Miguel Santiago (Los Angeles)
Assemblymember David Chiu (San Francisco)
Assemblymember Buffy Wicks (Berkeley, Richmond)
Assemblymember Ash Kalra (San Jose)
Assemblymember Lorena Gonzalez (Chula Vista)
Assemblymember Mike Gipson (Carson)
Senator Ben Hueso (El Centro, Chula Vista)
Senator Lena Gonzalez (Long Beach)
Senator Scott Weiner (San Francisco)