A HISTORIC WIN! California Governor Gavin Newsom signed AB 857 Public Banks into law on Wednesday, making it possible for the state's cities and counties to take control of their own future.

With no motivation to maximize profits, and no legal mandate to funnel profit to shareholders, local public banks can return monies to the cities and counties who deposit money in the banks. Public banks can divest from fossil fuels, fund climate change mitigation projects and climate change infrastructure management. They can make affordable housing truly affordable. They can work with community banks and credit unions to promote local small businesses.

Whether we look at Germany’s Sparkassen network of municipal public banks -- a major driver of Germany’s green economy -- or the Bank of North Dakota, which returns 18% per year to its state -- and dodged the entire foreclosure crisis -- we can see the ways that public banks can transform our economy.

AB 857 is a victory fueled by grassroots people power:

-An incredible statewide coalition of organizers.
-Thousands of California residents and supporters nationwide who understood the urgent need for responsible banking.
-Over 180 organizations, labor unions, environmentalists, economic justice advocates, the California Democratic Party, and cities and counties all across California who endorsed the bill.
-The stewardship of Assemblymembers David Chiu and Miguel Santiago.

THANK YOU for your support and contribution to this historic win.

The future is here -- and California is leading the way for the rest of the nation.