Join South Bay Progressive Alliance and hear Nick Cortez and Jake Tonkel of the California Public Banking Alliance explain what public banking is and how it can stop the grip that the private banking system and their high interest loans have on state and local governments!
June 27 at 3pm
Tully Branch Library Community Room 880
Tully Road, San Jose, CA
California’s State Bank Act (AB 2243) passed two Assembly committees and is gaining momentum in the Legislature! The Observer covers the growing movement for public banking in California and the voices helping move this work forward including lead author Assemblymember Matt Haney, Asm. Ash Kalra, Trinity Tran, Michael Tubbs, Max Vargas, Dr. Flojuane Cofer, and coalition leaders across the state.
“Lawmakers, economic justice advocates, and community leaders gathered April 22 at the state Capitol to launch Assembly Bill 2243, a proposal supporters said could fundamentally change how California finances its public needs.
The bill, led by assemblymembers Matt Haney and Ash Kalra, would create a State Bank Commission to study and develop a plan for a publicly owned state bank.
Speaking at the rally, Kalra framed the effort as a response to widening inequality in one of the world’s largest economies.”
California pays billions in interest to private lenders while communities struggle with housing, infrastructure, and rising costs. AB 2243 creates a pathway to evaluate how the state can keep more public dollars working locally for Californians.
Assemblymember Matt Haney, AB 2243 author: “We have a cost-of-living crisis, a housing crisis; everywhere you look, people are struggling. If people in our state are working hard and paying taxes, they should be able to expect that those dollars are invested back into their communities.”
Assemblymember Ash Kalra, CA State Bank Act AB 2243 joint author: “California currently borrows from private banks. We pay their fees, and they benefit from the interest. When we borrow, we end up paying double, and taxpayers are the ones who bear that cost.”
Trinity Tran, Executive Director of the California Public Banking Alliance: “California generates roughly $300 billion in public revenue each year, yet we still pay private banks to finance our own projects. That means billions of dollars are leaving our state year after year.”
Michael Tubbs, former Stockton mayor and founder of End Poverty in California (EPIC): “There are different visions for California, different ideas about who this economy should work for. If we believe that public money should be used for the public good, then we need to organize and fight for it.”
Max Vargas, CEO of The Greenlining Institute: “We have a need of over 1.5 million units of affordable rental housing in California,” Vargas said. “That’s just one example of where this financing gap is hurting communities. Public dollars should go further, supporting affordability for all Californians, especially those facing the greatest pressures.”
Dr. Flojuane Cofer, SacACT and Sacramento Climate Coalition leader: “A public bank can help finance what actually keeps people healthy: affordable housing, clean energy, safe water systems and good jobs. This is about whether we have the courage to align our money with our values.”
The bill already has drawn support from more than 100 organizations statewide, showing a growing coalition pushing for alternatives to traditional banking systems.
Read the full article: California Lawmakers Propose Public Bank To Address Economic Inequality.
California State Bank campaign kicks off as AB 2243 clears two Assembly committees
Big Earth Day launch for AB 2243, the California State Bank Act, with a powerful statewide coalition, putting the power of money back in the hands of CA communities.
Just last week, AB 2243 passed the Assembly Banking & Finance Committee, following its earlier passage in the Assembly Economic Development, Growth, and Housing Impact Committee. This is major momentum, especially in the face of Wall Street opposition.
At its core, AB 2243 is about cutting borrowing costs, keeping billions in-state, and financing affordable housing, climate, infrastructure projects, and small businesses. It’s a major step toward a public finance system that works for Californians.
Speakers included Assemblymember Matt Haney, Assemblymember Ash Kalra, Trinity Tran, Michael Tubbs, Max Vargas, Tristan Brown, and Dr. Flojaune Cofer.
Thanks to partners including End Poverty in California, The Greenlining Institute, California Federation of Teachers, AFT, AFL-CIO, Sacramento Congregations Area Together (SacACT), Third Act Sacramento, Sacramento Climate Coalition, 350 Sacramento, Singing Resistance, Indivisible California: StateStrong, Friends of the Earth, and the California Public Banking Alliance network for showing up in force.
Read the press release.
See more photos in our event album.
Join more than 120 organizations endorsing AB 2243. Sign on here!
California Democratic Party Delegates, add your name here.
_______________________________________________________________________________________Watch the 60-second highlight reels!
Assemblymember Matt Haney (San Francisco) on AB 2243 says California sends ~$4B a year to Wall Street in interest while communities struggle, this bill builds a path to keep public money working here, cut costs, and invest in what Californians need. Watch Asm. Haney (1 min) Instagram | YouTube
Assemblymember Ash Kalra (San Jose) joint author of AB 2243: California pays millions in fees and near-double interest to private banks while key needs go unfunded, this bill charts a state bank to cut costs and reinvest public money back into communities. Watch Asm. Kalra (1 min) Instagram | YouTube.
Trinity Tran, CPBA’s Executive Director, breaks it down. A public bank uses the same leverage as private banks to multiply public dollars, turning $100M into $1B, but directs that money into homes and schools instead of private profit. Watch Trinity Youtube.
Michael Tubbs, Founder of End Poverty in California, a co-sponsor of AB 2243, points to the contradiction: a 4th-largest economy with high poverty, a California State Bank keeps public money working for Californians. Watch Michael Instagram | YouTube.
Tristan Brown, Legislative Director for CFT – A Union of Educators and Classified Professionals representing over 120,000 educators, calls compound interest the “8th wonder of the world.” These tools create massive wealth but it mostly compounds for Wall Street, not our schools. Watch Tristan Instagram | YouTube.
Max Vargas, President and CEO of The Greenlining Institute, a co-sponsor of AB 2243, said redlining’s legacy still hits communities of color hardest. California can choose to invest directly in communities and build a state bank that leaves no one behind. Watch Max Instagram.
Dr. Flojaune Cofer, Epidemiologist and Leader with co-sponsor Sacramento Area Congregations Together (SacACT) and Sacramento Climate Coalition, emphasized our bill is bigger than banking, it’s about aligning California’s money with its values to build health, stability, and shared prosperity. Watch Flo Instagram | YouTube.
_______________________________________________________________________________________AB 2243 passes two Assembly committees!
Assemblymember Matt Haney led two back-to-back hearings on the California State Bank. In the Assembly Banking Committee, he was joined by our expert witnesses, including Jennifer Finger of the California Public Banking Alliance, who testified in support of AB 2243. A retired banker with over 35 years of experience across institutions like Bank of America, community banks, and Beneficial State Bank, she brought deep industry insight to the discussion.
The bill passed out of the Assembly Banking Committee on April 23, following its passage out of the Assembly Economic Development Committee on April 14.
Tristan Brown, the California Federation of Teachers’ Legislative Director, delivered expert testimony in support of AB 2243. Tristan calls out compound interest as “the 8th wonder of the world.” It builds wealth, but mostly for Wall Street. A public bank is about using those same tools to invest back into our communities into workforce housing, schools, services, and the things people actually need.
Watch the April 23, 2026 Assembly Banking & Finance Committee hearing for AB 2243, including Asm. Haney’s testimony, starting at minute 40.
Onto the Appropriations Committee next!
_______________________________________________________________________________________California Public Banking Alliance in the News
The Forge – Lessons From Fights For Public Control of Banking and Broadband Infrastructure
Corporate monopolies don’t just control what we buy, they control the infrastructure that connects and sustains our communities. But people are fighting back.
We’re thrilled to be part of “The Corporate Power of It All,” a special edition from Liberation in a Generation and The Forge. In the conversation, CPBA’s Executive Director Trinity Tran breaks down how communities are organizing for public banking and building alternatives to corporate control. Trinity joins hands with Sean Gonsalves to link two services that we all depend on, banking and the internet. This comprehensive interview shows why government should offer essential services like these that can return profits to the people rather than elite shareholders.
Read the article here.
Shelterforce – How Public Banks Can Meet Public Needs
CPBA’s Trinity Tran and Dan Pelegero are part of a national conversation in Shelterforce with public banking leaders across the country. The piece highlights how the California Public Banking Alliance is building a public financial ecosystem, public banks to finance community priorities, alongside CalAccount to ensure people can actually access it.
Read the article here.
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Join the Movement!
Volunteer with us or message us at team@capublicbanking.org to learn more!
Corporate monopolies don’t just control what we buy — they control the infrastructure that connects and sustains our communities. But people are fighting back.
We’re thrilled to be part of “The Corporate Power of It All,” a special edition from Liberation in a Generation and The Forge. In the conversation, the California Public Banking Alliance’s Trinity Tran breaks down how communities are organizing for public banking and building alternatives to corporate control.
The tools to win are already in our hands.
Read the article here.
As federal funding streams face cuts, the idea of public banks is gaining ground as a tool for states and localities to finance community development.
As Shelterforce writes, the California Public Banking Alliance is building a public financial ecosystem: public banks to finance community priorities & CalAccount to ensure people can actually access it.
Statewide Rally + Press Conference!
April 22 | 12:30 PM | West Steps, State Capitol, 1315 10th Street, Sacramento, CA 95814
RSVP here: Eventbrite link
Join us at the historic launch and show your support for public banking!
Speakers will share brief, 30-minute remarks, including
Celebrate and Connect!
Enjoy multicultural performances, shaved ice with organic fruit purées, and more as we celebrate community and change.
Why It Matters for Main Street
California faces budget deficits, a housing crisis, and major infrastructure needs, while billions in public dollars flow to Wall Street. AB 2243 starts the process to create a state public bank through a State Bank Commission and Plan.
A public bank would work with community lenders to lower borrowing costs, expand financing for housing, climate projects, infrastructure, and small businesses, and keep more public dollars working in California.
Endorsed by 100+ organizations statewide.
Confirmed orgs attending, including co-sponsors: California Public Banking Alliance (CPBA), End Poverty in California (EPIC), The Greenlining Institute, California Federation of Teachers – CFT–AFT, AFL-CIO, Indivisible CA: StateStrong, Climate Action California, Third Act Sacramento, 350 Sacramento, Sacramento Area Congregations Together (SacACT), Sacramento Climate Coalition, Indivisible Sacramento, Sacramento Poor People’s Campaign, Friends of the Earth, and CPBA regional leads from San Francisco, Los Angeles, East Bay, Sacramento, Central Coast, and Yolo County. More groups are joining at the Capitol as we build turnout!
Sign on to endorse:
https://forms.gle/NSFTtXHknHsQd2GX6
California Democratic Party Delegates: sign-on here.
RSVP for the Earth Day Launch of AB 2243: Eventbrite link
Come be part of this historic moment!
We’re excited to share a soft launch of the California State Bank Act (AB 2243), jointly authored by Assemblymember Matt Haney and Assemblymember Ash Kalra, ahead of our official campaign kick-off next month!
At a time when California is facing budget deficits and rising borrowing costs, this bill creates a structured process to develop a state public bank that can help stretch public dollars further and better support housing, climate, and small business priorities.
AB 2243 establishes a State Bank Commission that will work with independent experts to develop an actionable State Bank Plan. That plan will look at different options, including building on existing infrastructure like IBank or creating a new entity, and lay out what a workable model would require. That includes governance, how it’s capitalized, risk management, how it connects with existing state financing programs, and a five-year business plan. The process also includes public hearings and interagency coordination to ensure the work builds on existing capacity and stakeholder expertise.
A state bank would work in synergy with the local public banks we’re building across California, and help leverage the state’s billions in existing public funds at scale.
Once approved, the State Bank Plan becomes the state’s official roadmap to building a public bank!
We’re grateful to have strong co-sponsors helping lead this effort, including End Poverty in California (EPIC), The Greenlining Institute, 350 Sacramento, Indivisible California: StateStrong, and Friends of the Earth, along with over 80 organizations supporting AB 2243 pre-launch.
SIGN ON TO ENDORSE CA STATE BANK (AB 2243) HERE!
Are you a CA ADEM (Assembly District Election Meeting) Delegate? Endorse here!
We’re heading to the Capitol to push for the California State Bank (AB 2243), and we need you with us as we work to build a new banking system that supports Main Street!
This Thursday, join us at the State Capitol in Sacramento, March 26th from 9am to 11am for the AB 2243 Lobby Day and meet with legislators and staffers as we prepare for our Assembly committee hearings.
Sign up on our Lobby Day form, and coalition organizers will reach out!
https://forms.gle/2S6ADfDje1RJ8yrE7
Join the Lobby Day co-sponsors & endorsers team: California Public Banking Alliance, The Greenlining Institute, End Poverty in California, 350 Sacramento, Sacramento Climate Coalition, Sacramento Area Congregations Together (SacACT), Indivisible California: StateStrong
Mark your calendars! Join us at the State Capitol on Wednesday, April 22 (Earth Day) at 1pm for the official campaign launch with joint authors Assemblymembers Matt Haney and Ash Kalra, coalition leaders, endorsers, and the statewide public banking coalition. Details will be announced soon…
We’re marking Earth Day by kicking off this next phase of work together on building a more sustainable, people-centered financial system!
In the California Democratic Party’s final adopted 2026 platform (read it here), the party includes support for major public banking reforms. (You can also find it at cadem.org under About → Our Platform → 2026 Platform.) Thank you to the California Democratic Party Platform Committee members for their continued support of public banking!
“Support legislation to convert the California Infrastructure and Development Bank into a depository bank to expand infrastructure loans and strengthen loan guarantees for small business, and provide more stable and equitable returns on municipal and pension fund deposits;”
“Facilitate banking services that offer community banks, public and municipal banks, and credit unions incentives for implementing new technologies that benefit small businesses and consumers;”
We’re also under Finance and Infrastructure Support:
“Support public banking to provide low-interest loans for small businesses, farmers, land trusts, and cooperative housing groups, fostering community reinvestment and infrastructure development;”
Organizers with the California Public Banking Alliance, including Halah Ahmed, Rick Girling, and Brett Garrett, joined SF Public Bank organizers on the ground at the California Democratic Party Convention to share literature on local public banking and sign on delegates in support of the state bank campaign.
We are now gearing up for 2026 state legislation to expand and transition IBank into a public depository institution. Stay tuned for the launch!
A big night at the Los Angeles Public Banking Listening Session at Mercado La Paloma. Angelenos spoke candidly about the financing gaps facing affordable housing, small and microbusinesses, and community infrastructure, and about why a city-owned public bank is an urgently needed solution.
Councilmember Ysabel Jurado voiced support for moving the public bank forward as a tool to help alleviate the struggles Angelenos are facing. Former Stockton Mayor Michael Tubbs spoke to the urgency of bold public financing tools to confront economic inequality.
Thank you to End Poverty in California, Inclusive Action for the City, ACCE Action, and United Parents and Students for months of prep and leadership to make the night possible. Event footage coming soon!
Great coverage of the Sacramento Public Bank Town Hall from the The Sacramento Observer! “What if the money cities spend on interest and banking fees were reinvested in their communities? That question drives a growing public banking movement across California, including in Sacramento, where community leaders and residents gathered to discuss creating a publicly owned bank.”
Sacramento’s local initiative is about building sustainable public financial infrastructure so city dollars can be managed with accountability and reinvested in housing, climate resilience, and neighborhood stability.
“The question isn’t just is there enough money,” said Trinity Tran, executive director of the California Public Banking Alliance. “The question is who decides where our common dollars go today, how they’re used, and whether they stay in communities and benefit our localities, or [whether] they keep getting signed out to private institutions that don’t answer to our communities.”
Dr. Flojaune Cofer, an epidemiologist and progressive organizer, described public banks as part of the infrastructure that determines whether communities thrive.
“The strongest drivers of health are not the 15 minutes you spend with your health care provider,” Cofer said. “It’s everything else happening in your community: housing stability, income security, safe neighborhoods.”
Read the full story: How Sacramento’s Public Banking Movement Plans to Keep Taxpayer Money at Home
The SF Public Bank Coalition and Democratic Socialists of America – SF are organizing neighborhood lit drops to build awareness and momentum ahead of the city’s upcoming ballot measure. As big banks continue to extract wealth from working people, the push for a public bank is about accountability and reinvestment, keeping local dollars circulating in San Francisco and directing profits back into deeply affordable housing, small businesses, and community needs. Public bank advocates are now starting to collect signatures for funding the public bank.
In the California Democratic Party’s final adopted 2026 platform (read it here), the party includes support for major public banking reforms. (You can also find it at cadem.org under About → Our Platform → 2026 Platform.) Thank you to the California Democratic Party Platform Committee members for their continued support of public banking!
“Support legislation to convert the California Infrastructure and Development Bank into a depository bank to expand infrastructure loans and strengthen loan guarantees for small business, and provide more stable and equitable returns on municipal and pension fund deposits;”
“Facilitate banking services that offer community banks, public and municipal banks, and credit unions incentives for implementing new technologies that benefit small businesses and consumers;”
We’re also under Finance and Infrastructure Support:
“Support public banking to provide low-interest loans for small businesses, farmers, land trusts, and cooperative housing groups, fostering community reinvestment and infrastructure development;”
Organizers with the California Public Banking Alliance, including Halah Ahmed, Rick Girling, and Brett Garrett, joined SF Public Bank organizers on the ground at the California Democratic Party Convention to share literature on local public banking and sign on delegates in support of the state bank campaign.
We are now gearing up for 2026 state legislation to expand and transition IBank into a public depository institution. Stay tuned for the launch!
A big night at the Los Angeles Public Banking Listening Session at Mercado La Paloma. Angelenos spoke candidly about the financing gaps facing affordable housing, small and microbusinesses, and community infrastructure, and about why a city-owned public bank is an urgently needed solution.
Councilmember Ysabel Jurado voiced support for moving the public bank forward as a tool to help alleviate the struggles Angelenos are facing. Former Stockton Mayor Michael Tubbs spoke to the urgency of bold public financing tools to confront economic inequality.
Thank you to End Poverty in California, Inclusive Action for the City, ACCE Action, and United Parents and Students for months of prep and leadership to make the night possible. Event footage coming soon!
Great coverage of the Sacramento Public Bank Town Hall from the The Sacramento Observer! “What if the money cities spend on interest and banking fees were reinvested in their communities? That question drives a growing public banking movement across California, including in Sacramento, where community leaders and residents gathered to discuss creating a publicly owned bank.”
Sacramento’s local initiative is about building sustainable public financial infrastructure so city dollars can be managed with accountability and reinvested in housing, climate resilience, and neighborhood stability.
“The question isn’t just is there enough money,” said Trinity Tran, executive director of the California Public Banking Alliance. “The question is who decides where our common dollars go today, how they’re used, and whether they stay in communities and benefit our localities, or [whether] they keep getting signed out to private institutions that don’t answer to our communities.”
Dr. Flojaune Cofer, an epidemiologist and progressive organizer, described public banks as part of the infrastructure that determines whether communities thrive.
“The strongest drivers of health are not the 15 minutes you spend with your health care provider,” Cofer said. “It’s everything else happening in your community: housing stability, income security, safe neighborhoods.”
Read the full story: How Sacramento’s Public Banking Movement Plans to Keep Taxpayer Money at Home
The SF Public Bank Coalition and Democratic Socialists of America – SF are organizing neighborhood lit drops to build awareness and momentum ahead of the city’s upcoming ballot measure. As big banks continue to extract wealth from working people, the push for a public bank is about accountability and reinvestment, keeping local dollars circulating in San Francisco and directing profits back into deeply affordable housing, small businesses, and community needs. Public bank advocates are now starting to collect signatures for funding the public bank.
Sacramento Observer covered the Sacramento Public Bank Town Hall!
“What if the money cities spend on interest and banking fees were reinvested in their communities? That question drives a growing public banking movement across California, including in Sacramento, where community leaders and residents gathered to discuss creating a publicly owned bank.”
“The question isn’t just is there enough money,” said Trinity Tran, executive director of the California Public Banking Alliance. “The question is who decides where our common dollars go today, how they’re used, and whether they stay in communities and benefit our localities, or [whether] they keep getting signed out to private institutions that don’t answer to our communities.”
Dr. Flojaune Cofer, an epidemiologist and progressive organizer, described public banks as part of the infrastructure that determines whether communities thrive.
“The strongest drivers of health are not the 15 minutes you spend with your health care provider,” Cofer said. “It’s everything else happening in your community: housing stability, income security, safe neighborhoods.”
Support the Sacramento Public Bank! Sign our Action Network campaign to send letters to Sacramento city and county electeds!
https://actionnetwork.org/letters/support-the-sacramento-public-bank-email-to-electeds-v2
Read the article in Sacramento Observer.
