When the big banks were foreclosing on so many families across the country, I did what I could to protect Richmond. We passed a financing program that would take the mortgages of financially underwater properties by eminent domain, where we could then refinance these mortgages for the homeowners on fair financial terms.
We approved the program – but Wall Street and the big banks were so scared they went to Congress and passed a law to preclude our local effort. Richmond took on Wall Street and lost.
Our determination is to keep on fighting and organizing!
California can have a bank owned by the people just like the state of North Dakota has a bank owned by the people. We’ll all save money on financing for schools and roads, affordable housing, and hospitals, and the thousands of cannabis growers across the state will have a bank for their legal produce. A people’s bank for California will also allow innovative support mechanisms for new small businesses and other innovative enterprises. Let’s take our money back from Wall Street and the multinational banks!
In 2012, California tried to create a state bank with AB 2500, which had wide progressive support. However, corporate-controlled legislators killed the bill on behalf of the California Bankers Association.
As Lieutenant Governor, a public bank will be a top priority for me. Imagine how we will pass public banking legislation as more than 100 organizing California communities! Sacramento is going to hear us, loudly!
If you’re working on public banking in your own community, please reach out – we want to share resources and encourage your efforts! And if you’d like to support the campaign as we educate and organize on public banking, please give here today.