Please Support Public Banks with AB 857

The California Public Banking Alliance urges supporters of public banking to send a clear message to the California Assembly and Senate to support AB 857, a bill that will enable a framework for state and regional public banks in California.

Please send this letter to your representative, or draft your own, urging support of AB 857, to create a state-wide framework for public banking in California:

As a voter in your district I am urging your support, endorsement and sponsorship of AB 857 to create a framework for public banking in California.

Cities and counties hold billions of dollars of public money in Wall Street banks. Legally, these corporate banks own and control this money which they have used to finance harmful industries including: private prisons, immigrant detention centers, weapons manufacturers, and fossil fuel extraction. Public banks create a stable means of divestment of public deposited funds and investments from unethical banking organizations and industries.

Public banks bolster and enhance local bank and credit union activities, enabling lending capital for local businesses. Under our legislation, public banking also enables a viable means of publicly financing housing and infrastructure projects to remediate our statewide housing crisis.

Public banks return interest and fee revenues to the communities they serve, creating value revenue reserves for local constituencies. A robust public banking network in California provides strong protections against insolvency of large banks in periods of economic duress.

I urge you to stand with the people of California and support AB 857 to pave the way for a locally-controlled banking system that promotes a transparent, independent and publicly governed finance system that is accountable to the people they serve.