BREAKING! Public Banking Option Act Passes State Assembly!

June 2, 2021 (calpba@gmail.com)
AB 1177 BankCal Advances to the California Senate!
The California Assembly stood up for the one in four households in the Golden State that are unbanked or underbanked by passing AB 1177 the Public Banking Option Act (BankCal) on Wednesday, June 2. The BankCal program will allow Californians to create a BankCal account, use a BankCal debit card, deposit funds, automate bill pay, and set up direct deposit all with no fees or penalties.

By providing Californians with a public option for essential financial services, we can help close the racial wealth gap, eliminate the need for exploitative alternatives to traditional banking, and reduce Californians’ risk of falling into catastrophic debt.

AB 1177 has strong support from nearly 200 racial, economic, and climate justice groups, faith-based organizations, businesses, and labor unions. CPBA and its co-sponsors, SEIU CA, Fight for 15, and California Reinvestment Coalition are working hard to mobilize grassroots support for the legislation.

This is a big win for public banking! On to the Senate for another victory!Ways to Support BankCal:

Sign our Action Network Letter and tell your Senators: #YesOnAB1177!

Organizations: Join over 200 endorsing organizations: bit.ly/endorse1177

Delegates: Join over 100 California Democratic Party delegates endorsers: bit.ly/1177delegatesCity Halls Across the State are Buzzing with Public Banking Activity!
Legislation to create local and regional public banks are moving forward in city halls across the state: 
 Public Bank Central Coast: Three counties (Santa Cruz, Santa Barbara, Monterey) and six cities (Santa Cruz, Watsonville, Capitola, Scotts Valley, Seaside, Del Rey Oaks) have formally declared their desire to participate in a viability study for a regional public bank.

Public Bank East Bay is making strides fundraising for its Business Plan. PBEB is in the process of planning for a viability study which will be part of its business plan and have hired Gary Findley of The Findley Group as a banking consultant. PBEB is in conversations with 5 local jurisdictions to participate in their regional public bank.

Public Bank Los Angeles: Los Angeles City Council’s Economic Development and Jobs Committee unanimously approved a motion for the formation of the Municipal Bank of Los Angeles on May 11, 2021. The motion will head to full City Council for a vote in the coming weeks and calls on the city to issue a Request for Proposal (RFP) for consultant services to create a business plan for a public bank in Los Angeles. The business plan is the first step in the State’s application process and will ensure that the public bank is fiscally sound and democratically governed with impartial oversight.  

On June 1, 2021 Los Angeles City Council unanimously supported a resolution to endorse AB 1177, the California Public Banking Option Act.

Join Public Bank LA this Sunday, June 6 at 3pm for a public bank teach-in with LA Forward, Sunrise Movement LA, and ACT-LA.

RSVP for the Public Bank LA Teach-In on June 6

Public Bank San Diego is on the verge of an important announcement on its plans to establish a public bank.

Public Bank San Francisco: The San Francisco Board of Supervisors will vote soon on the Reinvest in SF Ordinance which has as its centerpiece the establishment of a public bank. The SF Public Bank Coalition sees the public bank as the necessary means to secure sufficient affordable housing, rescue small businesses and build climate resilient infrastructure.
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