To The Governor’s Desk!
AB 857, the bill enabling local public banking has passed both California state houses! On Friday, September 13, we crossed the finish line. The bill now goes to Gavin Newsom, who has expressed public support for public banking in the past. He has until October 13 to sign or veto; if he doesn’t do either, the bill becomes law.
This has been an exhilarating, fascinating, complex, process. Literally thousands of people have been involved. Of course, we will keep you updated when the bill is signed, and when cities and regions start making public bank charter applications to the state Department of Business Oversight.
Want to know what it takes to pass legislation? Here’s the California Public Banking Alliance‘s thank-you list.
- The volunteer attorneys who wrote the bill and managed the amendments
- The organizers who kept the engine running for months
- The lobby teams who visited legislators’ offices in person
- The activists who came to the California Democratic Party convention to get delegate endorsements (resulting in the state party endorsement, 11 local party endorsements, and 550 individual delegate endorsements)
- The members of state and local organizations who helped bring their (over 180!) endorsing organizations to the table, including unions, environmental organizations, and more
- The folks at home who wrote emails and made phone calls to legislators, and who supported the bill online
- The advocates who encouraged their (17!) cities and counties to pass endorsement statements
- The journalists who wrote thoughtful, informative, positive articles
- And, OF COURSE, our indomitable co-authors, Assemblymembers David Chiu and Miguel Santiago, and their excellent, responsive staff members, plus the 19 co-authors who helped see this bill through to the finish line.
Onwards to Governor Newsom’s signature, and to local public banks in California — and around the country!