Friends of Public Banking Santa Rosa is an ad hoc group of concerned tax paying citizens. We recognize that our public tax and fee revenues are being deposited into private banks that are using our credit to further their interests. We are calling on Santa Rosa to bring our money home and establish a public bank to partner with local banks and credit unions in providing affordable credit to fund small businesses, housing construction, student loans, public infrastructure and renewable energy programs.
December 2017 ~ Friends of Public Banking Santa Rosa launched a proposed Resolution to Create a Public Bank of Santa Rosa: http://www.publicbanksantarosa.org/endorse-resolution.html
September, 2018 ~ The city manager informed the finance staff that funds can be made available for a feasibility study pending the result of studies in other towns, cities and states. In the interim, the city council voted 4-2 in favor of signing a 5 year contract with JP Morgan Chase for general banking services. The city had been banking with Wells Fargo for the past 15 years, but terminated the contract due to the banks downgraded rating of “Needs Improvement” by the Department of Justice under the Community Reinvestment Act. The council members understand that the city’s 5 year contract with JP Morgan Chase can be terminated with a written advance notice of 6 months.
October, 2018 ~ The Chief Financial Officer and Deputy Director of Finance presented an “Update on Public Bank Efforts” to the city’s Long Term Financial Policy and Audit Sub-Committee. The presentation included a look at the Bank of North Dakota’s Annual Report, a review of the feasibility studies for the cities of Oakland and Santa Fe, as well as the public banking efforts underway in the cities of San Francisco and Los Angeles. In accordance with staff’s recommendation, the subcommittee decided to postpone any further public-bank-related action pending the completion of the Public Bank East Bay group’s business plan draft.
Friends of Public Banking Santa Rosa Press:
December 2018 ~ Press Democrat ~ It’s Time for a Public Bank of Santa Rosa
November, 2018 ~ Press Democrat ~ Sonoma County’s Low Income Workers Left Out of Local Recovery from 2017 Wild Fires
April/May 2018 ~ Sonoma County Peace Press ~ “After the Fires-Using the Public’s Credit to Rebuild”
June 2017 ~ Press Democrat ~ Santa Rosa May Sever Ties with Wells Fargo
Client Esher Green
Category Friends of Public Banking Santa Rosa
Date 29 August 2017