Alliance for Democracy

​

​
  • Home
  • About Us
    • National Council and staff
    • Founder, Ronnie Dugger
  • Campaigns
    • Disarming Violence
    • System Change Initiatives
    • Public Banking >
      • Article: Money and Democracy
  • Media
    • Corporations and Democracy >
      • Archives
    • Justice Rising
    • Populist Dialogues >
      • Broadcast in your city
    • In the News
  • Blog
  • Contact
  • Support Our Work
  • Links

California public banking bill advances through committees

7/3/2019

0 Comments

 
PicturePublic banking advocates in Sacramento; AfD co chair Nancy Price second from left in front row.
Thanks to the California Public Banking Alliance's coalition building, AB 857, which authorizes California cities, counties, and the state to create their own public banks, has advanced through the state Assembly and two of three Senate committee hearings. Just yesterday, July 3rd, the Senate Governance and Finance Committee voted 4-3 to send this bill to the Senate Appropriations Committee.

AB 857 needs more support, so we ask our California alliance members to visit the California Public Banking Alliance homepage and scroll down to Sign the Petition, Send a Letter to Your Representative, or Sign an Organization Endorsement Form. Want to know more? You can access a factsheet here.

There are still hurdles as Wall Street banks and the US Chamber of Commerce increase efforts to defeat the bill. Because AB 857 was amended in the Senate Governance and Finance Committee, if it gets through Senate Appropriations and passes on the Senate floor, it was go back to the Assembly floor for a concurrence vote.

Alliance Co-chair Nancy Price has been among CA Public Banking Alliance campaigners meeting with committee members over the past months. As she says, “The combined efforts of Coalition members and endorsers of this bill, as well as calls to the legislature and committee members and in-district visits have led to success to date. There’s more to do to get AB 857 to the Governor’s desk and signed into law which would give a huge push to Alliance sponsored campaigns in Massachusetts, Oregon, and Washington DC.

Basically AB 857 provides for a city or county, or a Joint Powers Authority, a combination of cities and counties together in a large geographic area, to apply to the state for a charter to establish a public bank. Already groups are working on city or county bank organizing in many parts of the state. A related Senate bill could set up a state public bank by changing the state’s revolving infrastructure loan program to a depository bank.

The California effort is part of a constantly growing movement for public banking, with Alliance-affiliated campaigns active in Oregon, Washington DC, and Massachusetts.

In Massachusetts, H935/S579, which creates a public bank to fund municipal infrastructure projects, had its first hearing before the legislature’s Joint Committee on Financial Services in late May. Advocates for the bank explained how it would work, the difference between a bank and a revolving loan fund, and the low risk in making these types of loans.

Alliance national campaigns coordinator Barbara Clancy told the committee that the bank builds on recent advocacy, including a push to divest Boston pension funds from fossil fuels and corporations involved in the prison industry, and to move $250 million of the state’s pension’s operating funds to impact investments and local banks. “We have the need, expertise and values to be one of the first states to successfully establish a public bank… a model of public finance which is flexible, cost-effective, and rooted in the community-minded values of voters,” she said.

The Spring 2014 issue of Justice Rising focused on Public Banking: Creating Jobs, Building Communities. You can read it online here, or request printed copies by contacting afd@thealliancefordemocracy.org or calling 978-333-7971.



0 Comments



Leave a Reply.

    Archives

    March 2023
    January 2023
    April 2022
    March 2021
    November 2020
    October 2020
    June 2020
    April 2020
    March 2020
    January 2020
    December 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    November 2017
    October 2017
    September 2017
    July 2017
    June 2017
    May 2017
    April 2017
    November 2015
    August 2015
    September 2013
    August 2013

    Categories

    All
    Afghanistan
    Boston
    Candidate Questions
    Corporations And Democracy
    Democracy
    Democracy Convention
    Fast Track Authority
    Health Care
    Local Food
    Militarization
    Money In Politics
    NAFTA
    National Council Actions
    Peace
    Peoples Vote Must Count
    Portland OR
    President Obama
    Public Banking
    Public Health
    Ronnie Dugger
    System Change Initiatives
    Take Action
    Tpp
    Tpp Free Zone
    Trade Justice
    Washington DC
    Water

    RSS Feed

Powered by Create your own unique website with customizable templates.