AB 857 Clears Second Hurdle in Senate!

AB 857 Clears Second Hurdle in Senate!
VICTORY! On Wednesday, AB 857 passed the Senate Governance committee. Our grassroots coalition went up against the most powerful industry on the planet and won our sixth round in California vs. Wall Street! 

Working with our bill authors Assemblymembers David Chiu and Miguel Santiago, we successfully negotiated a solution to the referendum amendment: charter cities will not be required to do a voter referendum!

The hearing was a clear victory for AB 857.

We thank Senator Mike McGuire for supporting the Public Banking Act, and a very big thank you to our Legislative and Outreach team, and our statewide network of supporters and allied organizations for your contribution to this win.

Grassroots people power has now moved AB 857 through three committees in the Assembly, the entire Assembly floor and two Senate committees! 

The public banking movement is an unstoppable force! 

We’re onto Appropriations in August, chaired by Senator Anthony Portantino. We’ll provide updates soon regarding next steps for Appropriations and the Senate floor.

Thank you for your support.

California is on its way to making history as the first state in the nation to enable local public banks! 
AB 857 is the news! Check out our latest press!
North Bay Business Journal – Public-banking bill sails through California Senate committee with North Bay support

The Young Turks – How Big Banks Work

Beverly Press – Public Banking Act passes State Senate test

SF Weekly – S.F.’s Public Bank One Step Closer to Reality With State Senate Vote

North Bay Business Journal – California ‘public banks’ legislation could upend local government finance, backers say

Pacific Sun – In Us We Trust

KPFA – La Raza Chronicles talks with PODER SF on public banking and AB 857

Capitol Weekly – Does public banking loom in California? 

San Jose Inside – As Community Lenders Sell Out or Go Under, Can Publicly-Owned Banks Restore Local Control?

Bohemian North Bay – Making Bank 

Good Times Santa Cruz – The Movement For California Public Banking

Press Democrat Santa Rosa – Public Banks Save Money

The Mercury News – Bill allows cities to create alternatives to Wall Street
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