For the first time in California history, legislation has been introduced in the state assembly to give municipalities the power to create their own public bank. Joint-authors Assemblymember David Chiu (D-San Francisco) and Assemblymember Miguel Santiago (D-Los Angeles) introduced AB 857, a 2019 session bill that will make it easier to establish regional and municipal public banks throughout the state of California. The legislation is sponsored by the California Public Banking Alliance (CPBA). CPBA designed the bill to provide localities a flexible framework for establishing public banks with appropriate terms, exceptions, and constraints.
CPBA is a coalition of grassroots public banking advocacy groups pushing for regional and municipally-owned public banks across California. Member groups include Public Bank Los Angeles, San Francisco Public Bank Coalition, Public Bank East Bay, Public Bank San Diego, South Bay Progressive Alliance, Friends of Public Banking Santa Rosa, People for Public Banking Santa Cruz, Public Bank Santa Barbara, Orange County Public Banking Coalition. Beneficial State Foundation, Friends of the Earth, and Lawyers’ Committee for Civil Rights of the San Francisco Bay Area are also members of CPBA.
AB 857 is endorsed by over 100 organizations representing 3.3 million members in California including: California Labor Federation, AFL-CIO, SEIU California, California Democratic Party, California Nurses Association (CNA), National Nurses United (NNU), American Postal Workers Union, UFCW Western States Council, AFSCME California, American Federation of Teachers CFT/AFT Local 1931 and Local 2121, Our Revolution, Fossil Free California, Courage Campaign, Los Angeles County Democratic Party, Green Party of California, United Educators of San Francisco, Healthcare for All – California.
Read the bill language and accompanying resources: