Governor Newsom Sign #AB857 Public Banks!
This petition made change with 2,620 supporters!
ACTION STEPS! Public banking supporters:
1. Call Governor Newsom at (916) 445-2841 and email to urge his signature on AB 857:
Where the form asks you to choose a subject, scroll down to "AB00857\Public banks." Use our template emails.
2. Sign this petition.
We urge you to sign AB 857, the Public Banking Act, which creates a framework for local governments to apply for a charter from the Department of Business Oversight (DBO) to establish a public bank. AB 857 creates a stable means to invest public funds in a manner that aligns with the values of our communities.
Across the nation, the momentum for public banking continues to grow. From California to Washington, New Mexico to Washington D.C., from New Jersey, to Michigan, and New York, public banking initiatives are currently being explored in municipal committees and state legislatures throughout the U.S.
The California Democratic Party passed a resolution supporting AB 857 and the creation of state-chartered public banks. The Public Banking Act is endorsed by 11 Democratic Central Committees and 550 California Democratic Party delegates, among 180 statewide, regional and community organizations seeking to establish local control of local government funds, and demanding ethical, transparent use of public funds.
Public banks will allow California cities and counties to create sound investments that will save money and allow them to create lower interest loans to service local needs. It holds the potential to improve many areas that directly impact our communities including: affordable housing, small business development, infrastructure, renewable energy and serving the needs of the unbanked and underbanked populations. Public banks would also partner with community banks and credit unions to strengthen local lending.
The municipal public banking model serves to directly address the common harms of private banking as the laundry list of unethical and damaging behavior from Wall Street banks grows. Corporate banks are also a main source of financing for environmentally and socially destructive projects, including private prisons, immigrant detention centers, oil and gas extraction, fossil fuel pipelines, and other investments that prioritize corporate profit over the people and the planet.
Governor, California now stands at a pivotal moment, poised to create true and lasting change to our financial system. We can accomplish this through the creation of locally-controlled socially and environmentally responsible public banks. It's time to take our financial power back from Wall Street and reinvest in Main Street. California must lead the way for the rest of the nation; we look forward to your leadership on this critical legislation.
About California Public Banking Alliance:
We are a volunteer group of grassroots activists in: Los Angeles, San Francisco, East Bay (Oakland, Alameda County, Berkeley), South Bay (San Jose, Santa Clara County, Palo Alto), Santa Rosa, Santa Barbara, Santa Cruz, Eureka, Orange County and San Diego, working to create socially and environmentally responsible city and regional public banks.
Today: California Public Banking is counting on you
California Public Banking Alliance needs your help with “.@CAgovernor @GavinNewsom: Sign #AB857 to empower California cities and regions to use public funds for public good! #PublicBanksNow”. Join California Public Banking and 2,619 supporters today.