For the first time in California history, legislation has been introduced in the state assembly to give municipalities and the power to create their own public bank. Joint-authors Assemblymember Miguel Santiago (D-Los Angeles) and Assemblymember David Chiu (D-San Francisco) introduced a new bill that will make it easier to establish regional and municipal public banks throughout the state of California. The California Public Banking Alliance (CPBA) is sponsoring the legislation. 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 the San Francisco Public Bank Coalition, Public Bank Los Angeles, Public Bank East Bay, South Bay Progressive Alliance, Public Bank Santa Barbara, Public Bank San Diego, People for Public Banking Santa Cruz, Orange County Public Banking Coalition, and Friends of Public Banking Santa Rosa. Beneficial State Foundation, Friends of the Earth, and Lawyers’ Committee for Civil Rights of the San Francisco Bay Area are also members of CPBA.
Read the bill language and accompanying resources: