CityLab talks to Sushil Jacob, Julian LaRosa and David Jette on how the Public Banking Act can create a democratically-run financial institution that can address the needs of our local communities. “We planted a seed,” tweeted Public Banks L.A., the day the organization’s ballot measure—which would have created the country’s first city-led public banking institution—failed last year in Los Angeles. […]
By Robert R. Raymond, Truthout. It may not come as a surprise to hear that the majority of Americans don’t trust the banking system in this country. Only 27 percent of those surveyed in a 2016 Gallup poll said they had “a great deal” or “quite a lot” of confidence in the institution — less than half […]
By Chase DiFeliciantonio, North Bay Business Journal. A bill that would allow some municipalities to establish their own banks in California edged through a state committee Wednesday. The legislation, Assembly Bill 857, passed the Senate Governance and Finance Committee on a 4-3 vote with the support of Chairman Mike McGuire, D-Healdsburg. Authored by Assemblymen David […]
Nomi Prins leads a panel discussion on big banking featuring Sean Stone, Trinity Tran (California Public Banking Alliance and Public Bank LA), and David Dayen. Watch on The Young Turks.
North Bay Business Journal talks with California Public Banking Alliance members Chris Petlock, Shelly Browning and Susan Harman. Should banks exist to make a profit, a difference, or both? A bill in the California Legislature allowing municipalities to create their own banks could upend how they handle their money and finance long-term projects. It also […]
Beverly Press. The Public Banking Act, AB 857, passed its first hurdle in the California Senate on June 19. The measure passed through the Senate Banking Committee and now heads to the Senate Governance and Finance Committee. Assemblyman Miguel Santiago (D-Los Angeles) said AB 857 has the broad support from labor unions, environmental groups, grassroots […]
By Tom Gogola, Pacific Sun. There’s an effort afoot in Sacramento for public banking that’s putting the focus on how localities manage their investment portfolios. A bill that’s currently parked in a Senate committee chaired by North Bay legislator Mike McGuire would, for the first time, allow municipalities or regions to create commercial banks that would […]
By Scott Soriano, Capitol Weekly. The concept of public banking in California is making a comeback. By law, currently California cities and counties typically have one place to deposit the funds they collect from taxes, fees and fines: private commercial banks. Billions of dollars of public money are handled by commercial banks — for a […]
San Jose Inside talks to California Public Banking Alliance organizer Jake Tonkel with South Bay Progressive Alliance. Silicon Valley Bank opened in 1982 to serve startups shunned by big lenders, which saw the fledgling tech sector as innately risky. But Roger Smith and Bill Biggerstaff, the Wells Fargo defectors who founded the small bank with Stanford University professor […]
Bohemian.com talks with Friends of Public Banking Santa Rosa organizer and Alliance member Shelly Browning. PQ: “The activities of the top big banks in fossil fuels and many other activities gives us limited, to no options regarding large, socially responsible banking options. We are truly stuck between Scylla and Charybdis until a public banking option is available.” […]