The Public Banking Act Heads to its Final Committee!
The public banking revolution is growing across the country -- it is now on the verge of becoming a reality here in California.
AB 857 is headed into our final committee, Senate Appropriations, in mid- to late August. AB 857 will then return to the Assembly floor for a second vote due to added amendments, before its last stop on the Senate floor at the end of August.
We’re in the final home stretch before the bill gets signed by Governor Gavin Newsom, but we need your help now to get to the finish line and free California from Wall Street’s stranglehold.
With the establishment of public banks, cities and counties will be able to divest their tax revenues from Wall Street megabanks who use public dollars to finance private prisons, fossil fuels, predatory lending, and weapons industries. Our cities can then leverage our deposit base to invest in equitable, community-driven projects like affordable housing, renewable energy, infrastructure, and small businesses.
California is on our way to making history as the first state in the nation to enable local public banks to recapture the billions paid to private, out-of-state banks and reinvest in our local communities.
Priority Call - Appropriations Committee Chair: Senator Anthony Portantino (San Fernando and San Gabriel Valleys): (916) 651-4025.
Take 3 minutes today to call your Representatives: