Public Bank Pomona Valley Mission Statement
The mission of Public Bank Pomona Valley is to educate local leaders and residents about the benefits of establishing a Public Bank in our region, and to encourage our municipalities to study business plans and legal analyses to determine the feasibility and suitability of such a bank. Public banks exist to support the socio-economic well-being of residents and communities by allowing municipalities to deposit funds in an institution that shares their values and that invests in local enterprises such as affordable housing projects, environmentally sound industry and infrastructure, that returns bank earnings to the local community, that supports community banks and local credit unions by sharing risk through co-lending, and that can lend at much lower cost than large for-profit national and international banks. Chartered under state law and managed by an independent board that will include experienced bankers and public service professionals, with policies set by elected leaders accountable to the people, a Public Bank will realize local values by supporting local needs such as providing banking services for the un- and underbanked population, refinancing current loans that have disadvantageous terms. fostering environmentally sustainable enterprises, and strengthening minority-owned and/or startup businesses. Public Banks are coming to California, and the Pomona Valley needs to know and realize the advantages of utilizing its financial power for local benefit.
2021 Campaign Updates
2020 was our first full year of existence! A study group was formed in February of 2020 after a visit from David Jette and Ben Gordon, and has met approximately monthly since then. Our group has had stable membership and includes or has included former and current Mayors and City Council members from our region, academics and activists. There are 12 active members of this group (our Steering Committee), 29 members of our Executive Committee, and currently 89 names on our Master Distribution List. In addition, we are assembling a mail/email list of local and state elected officials, who will be kept informed of our interest and initiatives. We have prepared a letter to go out to them soon.
We have built and maintained a website and a Facebook Group page, published a newsletter, and we are listed on the PBI website as representing this area. We hosted PBI’s second ever Town Hall, with guests Ellen Brown, Walt McCree, and Susan Harman. Susan also appeared for us as a panelist on an online webinar, Confronting New Beginnings: Global Perspectives. Two of our members gave a presentation to the Pomona Rotary, and represented PBPV in multiple seminars on housing and economic/ecological justice. Our Steering Committee members have participated in both PBI and CPBA meetings, and we continue to learn about public banking, and influence our region as we support the work at the state and national levels.
Steven Sittig, PBPV Convener