California Public Banking Alliance, Medium. This week, Alameda County Democratic Party, San Mateo County Democratic Party and Sonoma County Democratic Party added their names to the long list of Democratic governing bodies endorsing Assembly Bill 857, the Public Banking Act. This follows past endorsements by the California Democratic Party, 550 delegates of the California Democratic Party, as well as Contra Costa, Fresno, Los Angeles, San Francisco, Santa Clara and Santa Cruz County Democratic Parties.
Democrats statewide realize the importance of establishing a public banking option for municipalities. Currently, local jurisdictions are forced by the limitations of local banks and credit unions to entrust their funds to Wall Street banks. These are the very same banks that drove the US and global economies to the edge of collapse in 2008 with their greedy speculation and, often fraudulent, banking practices.
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