About South Bay Progressive Alliance – Public Banking Action Team
The South Bay Progressive Alliance is an independent, politically unaffiliated organization with a mission to unite diverse individuals, communities, and organizations into an inclusive coalition that fights to elect local corporate-free candidates, enact progressive policies, and build institutions and a society based on democracy, equity, cooperation, compassion and sustainability.
The Public Banking Action Team will promote public banking for local control of funds, investment and credit committed to thriving communities and a healthy planet.
The Public banking Action Team will focus on:
- Educating the community members and elected officials about public banking for fiscal sustainability, social and environmental justice, local reinvestment and community development.
- Building new and expand existing coalition partnerships to enact legislative changes at the state, county and municipal levels to implement public banking.
- Raising awareness in our community about the social and environmental injustices perpetrated by the private for-profit mega banks.
- Providing any preliminary plans, examples of the actions and activities, or ideas on how to get started.
Some of the preliminary plans of the team include:
- To organize educational outreach events about public banking and community investing.
- To engage local officials at the state level to sponsor a bill to remove language in the state Financial Code requiring California banks to hold FDIC Insurance as this requirement is not relevant to public banks.
- To build an outreach strategy for engaging progressive community organizations in the South Bay and establish public banking partnerships with a broad range of organizations that represent the diversity of our community.
- Ask City Councils in Santa Clara County to convene a task force to study the feasibility of a public bank for their banking operations.
- Ask City Councils in Santa Clara County to divest from major banks (Wells Fargo, CitiBank, Bank of America, Chase Bank and US Bank) and to implement human rights screens on their city investments as possible, and to also invest in education, affordable housing and clean energy projects in our communities
To join the Public Banking Action Team and take part in a statewide public banking effort join the team!
Sept. 2018 – Tipping the Scales: Divestment and Public Banking (Video)
Oct. 2018 – Proposal to Santa Clara County Commission on Consumer Affairs – (Passed)
Nov. 2018 – Break the Mold: Building the Next System – Corporate Free Politics, Worker-owned Cooperatives and Public Banking
San Jose Inside: As Community Lenders Sell Out or Go Under, Can Publicly-Owned Banks Restore Local Control?