{
	"type": "rich",
	"version": "1.0",
	"provider_name": "Action Network",
	"provider_url": "https://actionnetwork.org",
	
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	"author_name": "California Public Banking Alliance",
	"author_url": "https://actionnetwork.org/groups/california-public-banking-alliance",
	"title": "Please Support AB 310 California State Public Bank",
	"thumbnail_url": "https://can2-prod.s3.amazonaws.com/letters/photos/000/121/091/normal/2.png",
	"description": "The California Public Banking Alliance urges supporters of public banking – and everyone who is concerned for California’s economy in the COVID-19 world -- to send a clear message to the California Assembly and Senate to support AB 310, a bill that will convert the existing California State Infrastructure Bank into first a COVID-relief focused revolving loan fund and then a depository State Public Bank. Please send this letter to your representative, or draft your own, urging support of AB 310, to create a source of funds for California institutions and small businesses. The State Public Bank will be required to prioritize the needs of marginalized and underserved businesses and communities, including Black and Brown-owned businesses, tribal businesses, and more: As a voter in your district I am urging your support, endorsement and sponsorship of AB 310 to convert the existing California State Infrastructure Bank into a source of COVID relief, first as a larger more focused revolving loan fund and then as a State Public Bank. California holds hundreds of billions of dollars of public money in Wall Street banks, and our cities and counties hold billions more. Legally, these corporate banks control these deposits, and reap the profits on this money for the benefit of their shareholders. By establishing its own public bank, California can save hundreds of thousands of dollars in bank fees, use bank deposits to leverage recovery loans at a rate up to ten times more than the state currently can, and target the loans to the Californians who need it the most. As an extra benefit, this will take California’s public money out of banks financing harmful industries including: private prisons, immigrant detention centers, weapons manufacturers, and fossil fuel extraction.  The State Public Bank will employ its ethical loan policies to bolster and enhance local bank and credit union activities, enabling lending capital for local businesses. The Bank will also enable publicly financed housing and infrastructure projects to remediate our statewide housing crisis and address our wildfire disasters. Our state public bank will return interest and fee revenues to the state and its communities, creating desperately needed revenue enhancements for local constituencies. It will also provide the state with needed resiliency to face the next crisis. I urge you to stand with the people of California and support AB 310 to reinvest in California, rebuild our organizational and business networks, and recover from the unprecedented crises of 2020.",
	"url": "https://actionnetwork.org/letters/please-support-ab-310-california-state-public-bank"
}