Informational hearing on public banking

November 23, 2020 @ 9:00 am – 4:00 pm America/Los Angeles Timezone
State Capitol

Tell Senators that a State Public Bank Makes “Cents”!

Public banking friends and allies,

A hearing date for a State Public Bank has been set! In August, our State Public Bank bill was given the go-ahead by Senator Mike McGuire to proceed with a Fall hearing. This informational hearing on public banking will be held on Monday, November 23, at 9am. It will be a joint hearing of the Senate Governance and Finance Committee and the Senate Banking and Financial Institutions Committee. Senators in both committees, our bill authors Assemblymembers Miguel Santiago and David Chiu, along with State Treasurer Fiona Ma and State Controller Betty Yee will discuss the merits of a State Public Bank.

Informational Hearing: “A State Bank? There Is Interest, But Does It Make Cents?”

The time for reimagining banking is here. The pandemic has illustrated the urgency to provide California with an alternative to Wall Street banks that can efficiently utilize funds in the state coffer to reinvest and rebuild devastated communities, especially hard-hit communities of color. Now more than ever, access to capital is vital to rural and urban municipalities that have been robbed of tax revenue due to business closings and record unemployment.

Following the hearing testimonials, time will be allocated for public comment for support—this is referred to as a “me-too.”

We’re urging allies to call-in for a me-too. Let the State Senate and state Executive offices know: the people of California want a State Public Bank!

Call in to support a State Public Bank on Monday, November 23 at 9am.

Me-Too Public Comment: Stay posted for the call-in number! We’ll send this out at the end of the week. 

Wait in the queue, the moderator will call your line number and unmute you. Press 10 when in the queue and an operator will give you your line number.

Say your name, organization(s), and “I (or we) strongly support a California State Public Bank.”

With your support and advocacy for a State Public Bank, California’s money will directly help Californians build towards a vibrant and sustainable recovery from COVID-19, creating a multi-generational source of capital that invests long term in our communities.

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