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.
How we got started…
In November of 2019, a group gathered in a Pomona living room to hear from Ellen Brown, founder of the Public Banking Institute and author of several books on finance reform and banking. The group of about twenty, invited by the interfaith Agenda For a Prophetic Faith, was composed of local area mayors, City Council members, community organizers, educators, and leaders of nonprofit and faith organizations. They heard Ellen’s presentation and asked questions, and left with a commitment to meet again and pursue this idea, that a public bank could enable cities to invest local revenues responsibly and sustainably in projects and enterprises that would instantiate our values and establish our independence from national and global financial institutions.
Since then, we have:
• Met again in January 2020 as a plenary group of about 30 to consolidate our vision.
• Met in February 2020 with representatives of Public Bank LA and established a Study Group to follow the topic and devise next steps.
• The Study Group, with 8-12 members, has met a couple times per month, learning, growing our contacts, and discovering what other groups are doing nationally and in California.
• Joined the Public Banking Institute in May, joining conference calls and meeting other advocates.
• Set up a website and formed a Facebook Group page to promote learning about the future of public banking and build community support.
• We endorsed the legislation to establish a State Bank, AB 310, in conjunction with the efforts of the California Public Banking Alliance. In addition, we sent letters of support for AB 310 to our local State Assemblymember Chris Holden (D-41st), State Senator Anthony Portantino (D-25th), and State Senator Connie Leyva (D-20th), and also to State Senator Mike McGuire of the Governance and Finance Committee.
• With the support of the Public Banking Institute, we conducted a regional online Town Hall, with about 40 participants and over 800 views on Facebook, to introduce our Study Group and share the fundamentals of Public Banking.
• We have drafted a letter to local elected officials to introduce ourselves as a resource as they begin to explore the AB 857 legislation that allows the creation of public banks in California.
• Our coalition of local leaders is growing, and our efforts to communicate the possibilities will continue.
Our contact info:
Facebook Group: https://www.facebook.com/groups/1301220093601302
Client Public Bank Pomona Valley
Category Public Bank Pomona Valley
Date 27 January 2017