The editorial staff gathered 19 of the year’s best ideas into their Solutions of the Year print magazine. Rounding out the top 19 solutions is the California Public Banking Alliance’s AB 857 Public Banking Act!
Oscar Perry Abello reports on California’s adoption of Assembly Bill 857, which creates a legal pathway for public banks owned by city and county governments. Proponents envision a network of public banks that will leverage local public deposits in support of policy priorities such as affordable housing, clean energy, small business lending and alternatives to payday loans. “Part of why our message resonated with so many … was because everyone understands intuitively that Wall Street is extractive, is predatory,” says Trinity Tran, the California Public Banking Alliance’s lead organizer on the bill. “Why are we using our tax dollars to harm communities when we could use it to help our communities?”