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California Public Banking Option Act (AB 1177) Passes the State Legislature

California Public Banking Option Act (AB 1177) Passes the State Legislature

September 10, 2021 – Rick Girling, Steve Sittig, Trinity Tran, California Public Banking Alliance. Today the California State Legislature approved landmark legislation guaranteeing universal free banking access to all Californians. AB 1177 sets into motion the creation of the CalAccount program guaranteeing all California residents access to basic banking services without fees or penalties. The […]

We Need Public Banking

We Need Public Banking

Jacobin – August 2, 2021. By Julian LaRosa. The basic functions of investment are too important to be left in the hands of private banks only interested in accruing profits. We need public banks — something the Public Banking Act, introduced by Reps. Alexandria Ocasio-Cortez and Rashida Tlaib, would provide. While only a few dozen […]

Public banking movement gaining traction in California

Public banking movement gaining traction in California

Capitol Weekly – July 1, 2021 San Francisco has taken its first major step toward establishing a public bank, and other California municipalities are also moving forward in exploring public banking, including a regional effort by cities and counties on the Central Coast.   The moves come nearly two years after Gov. Gavin Newsom signed AB 857, […]

SF Supes Approve Plan To Create First Public Bank In U.S.

CBS Bay Area – SAN FRANCISCO (BCN/CBS SF) — June 15, 2021 San Francisco’s Board of Supervisors on Tuesday unanimously approved an ordinance that moves the city closer to creating the first public bank in the U.S. The Reinvest in SF ordinance, authored by Supervisor Dean Preston, creates a working group of community leaders and […]

Assembly Votes To Guarantee All Californians Free Basic Banking Services

Assembly Votes To Guarantee All Californians Free Basic Banking Services

Sacramento, CA – Today, the California State Assembly approved landmark legislation that would guarantee all Californians access to basic banking services without fees or penalties. The California Public Banking Option Act, AB 1177 (BankCal), addresses the inequities in financial services acutely felt by communities that have been hardest hit by pandemic and recession: discrimination, predatory lending, […]

Los Angeles City Council Unanimously Supports Statewide Public Banking Option

Los Angeles City Council Unanimously Supports Statewide Public Banking Option

KCET- LOS ANGELES (CNS) – June 1, 2021 The Los Angeles City Council today voiced its support for creating a statewide public banking option for California residents in an attempt to reduce racial and income inequalities in financial services. “There’s no question that there’s a need for a public bank. The simple fact is that […]

Santa Barbara County Interested in Studying Feasibility of Central Coast Public Bank

Noozhawk – May 29, 2021 The Santa Barbara County Board of Supervisors passed a resolution this month expressing interest in participating in a viability study that would determine the feasibility of establishing a public bank with the five Central Coast counties. “At least studying this as a possibility is a responsible decision in light of the hedging […]

Monterey County officials show interest in public banking

Monterey Herald – SALINAS — Monterey County elected officials have OK’d exploring the concept of joining other Central Coast counties to develop a public banking system that would provide benefits for economic development, infrastructure needs and affordable housing. The Board of Supervisors on Tuesday gave the nod to exploring how interested Monterey County would be […]

Free banking in California? New bill tackles access and racial equity

Free banking in California? New bill tackles access and racial equity

By Margot Roosevelt, Los Angeles Time. Escalating overdraft charges. Minimum balances. High ATM, check-cashing and debit card fees. Banking can be expensive, especially for low-wage workers. A score of California lawmakers have signed on to a new bill designed to offer Golden State households free financial services, taking on the state’s powerful banks at a […]

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