Governor Newsom Signs California’s Public Banking Act Into Law

Then-Mayor Gavin Newsom gets an enthusiastic greeting on Market Street at the 2005 Pride Parade (Mark Constantini/The Chronicle 2005)

By Lucille Bartholomew on October 7, 2019 (covfinancialservices.com)

On October 2, 2019, Governor Gavin Newsom signed California’s Public Banking Act, AB 857, into law.  California previously prohibited cities and counties from extending credit to any person or corporation, and required that local agencies deposit all funds to state or national banks.  

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