Support the California Public Banking Alliance legislation to create local public banks
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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 has also adopted a resolution supporting the creation of state-chartered public banks.
Ten cities and regions, including Los Angeles, San Francisco, Oakland, San Jose, Santa Rosa and San Diego have come together to form the California Public Banking Alliance. Our target is to introduce a bill in the state legislature creating a uniform regulatory framework for municipal and regional public banks.
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.
This is a pivotal moment in history to build a new alternative to the economic status quo. 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!
About California Public Banking Alliance:
We are a grassroots, volunteer-run group comprised of public banking activists and advocates 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.
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California Public Banking Alliance needs your help with “Support the California Public Banking Alliance legislation & empower CA cities and regions to use public funds for public good! #PublicBanksNow”. Join California Public Banking and 1,155 supporters today.