On October 2, 2019, California Governor Gavin Newsom’s office announced that the governor has signed AB857, making California the first state in U.S. history to create a roadmap for local public banks.
In other words, WE DID IT!
This completely grass-roots victory was fueled by:
- Two excellent co-authors of the bill, Assemblymember David Chiu of San Francisco and Assemblymember Miguel Santiago of Los Angeles
- Many other co-authors, including East Bay senators Nancy Skinner and Bob Wieckowski and assemblymembers Buffy Wicks and Rob Bonta
- An army of activists who lobbied, called, wrote letters, wrote and signed petitions, and more
- Over 180 supporting organizations, including labor unions, farmers, environmentalists, the California Democratic Party, eleven CA cities and counties
- And YOU!
The regional members of the California Public Banking Alliance are now looking at the next steps to get local public banks chartered around the state. The law allows us to charter up to ten such banks (no more than two per year) over the next seven years, after which the initiative will be re-evaluated.
The East Bay, along with San Francisco and Los Angeles, is among the regions likely to be early applicants to the state Department of Business Oversight.
So we’re ramping up our fundraising (please let us know if you know potential sources of funds for our business plan), continuing to define and create our interim Board of Directors, and holding discussions with various cities and other jurisdictions in the East Bay to settle on a “home” for the Bank.
Watch this space: SO MUCH is happening. And it’s a perfect time to get more involved.