Tune in to the AB 1177 Press Conference
on Facebook Live!
Watch here: https://www.facebook.com/californiapublicbankingalliance
Next week the next step in bringing public banking to California will be in the news. Since the passage of AB 857, several regions are moving ahead rapidly in establishing public banks to enable cities and local governments to better manage their finances and fund their priorities.
But another concern we have is to improve conditions for those individuals who are ‘unbanked’ or ‘underbanked.’ These folks, many of whom are low-income people of color, are outside the traditional economy, with little or no access to the financial services that most of us take for granted. They are exploited by the para-bank industry�the payday lenders, check cashing and money order services, even pawn shops and prepaid debit card providers—with exorbitant rates and fees.
New legislation, AB 1177, the California Public Banking Option Act, will be introduced next Tuesday, March 30, to address this need. BankCal will offer no-fee checking and savings accounts, educational services, and zero-cost bill pay, fund transfers and auto-deposit to all Californians, and especially the financially marginalized.
Join us for the online press conference as we kick-off this critical bill to bank the unbanked and underbanked!
- Trinity Tran, California Public Banking Alliance
- Joseph Bryant, SEIU Local 1021 and SEIU California
- Jyotswaroop Bawa, California Reinvestment Coalition
- Assemblymember Miguel Santiago (D-Los Angeles)
- Assemblymember Wendy Carrillo (D-Los Angeles)
- Assemblymember Ash Kalra (D-San Jose)
- Assemblymember Mike Gipson (D-Carson)
- Senator Ben Hueso (D-San Diego County)
- Sofia Lima, San Francisco McDonald’s worker
- Maria del Carmen Bentancourt, Oakland McDonald’s worker
- Rene Bayardo, SEIU California
If you represent an organization that would like to join the fight to bridge the racial wealth gap and bring equitable banking services to ALL Californians, click on the link below to add your group to our growing endorsement list.
Organizations: Endorse AB 1177
Individuals: Endorse AB 1177
We hope to see you at the press conference!
TUNE INTO THE LIVESTREAM ON SEIU CA OR CPBA’S FACEBOOK PAGE AT 10AM, TUESDAY MARCH 30:
Digital Toolkit: Share and tweet your support for AB 1177.
The Alliance is gearing up for a big year! Between our local city/county initiatives, the California Public Banking Option Act bill we’re announcing soon with SEIU California and Assemblymember Miguel Santiago, and the (federal) Public Banking Act with Alexandria Ocasio-Cortez, public banking is going next-level in 2021! #PublicBanksNow
Stay tuned for the groundbreaking launch of Rep. Alexandria Ocasio-Cortez and Rep. Rashida Talib’s Federal Public Banking Act legislation which will pave a path for cities and states across the country to form public banks!