The Public Banking Act “AB 857” passes the California Assembly!

AB857 passes CA Assembly

AB857 passes CA Assembly. Photo courtesy Assemblymember Miguel Santiago.

May 30, 2019 The Public Banking Act, “AB 857.” has taken public banking a historic step forward in passing the California Assembly today 41 Aye’s to 26 No’s. The bill now proceeds to the CA Senate.

Assemblymember Miguel Santiago, the bill’s co-author, tweeted “The CA Assembly just sent a historic message to Wall Street banks that we’re going to put people over profits – not the other way around.”

California Public Banking Alliance co-founder Trinity Tran tweeted, “This is California’s moment to take the lead in creating a banking option that will strengthen rather than extract profit & resources from our communities.”

Advocates and elected officials alike shared their excitement:

Assemblymember Buffy Wicks tweeted: “Proud to join this great group of colleagues to get this done! It’s time we allow our local governments new ways to invest public dollars for the public good, and in ways that stay true to our CA values.”

Advocate Kurtis Wu of Public Bank SF and California Public Banking Alliance tweeted: “The 5th largest economy just fired a warning shot to Wall Street!”