From Legislation to Operation: The Nuts and
Bolts of Opening Public Banks in California
Serious efforts are underway to establish public banks in cities and regions throughout California. Following the passage of the landmark California Public Banking Act, elected officials and activists are working hand-in-hand to implement public banks that will serve as a powerful tool for local governments. Public banks are the pathway for governments to invest in the long-term sustainability of local economies and return profits to the public. We’ll hear from electeds and advocates on constructing business plans, viability studies, and governance frameworks for California public banks.
Eric Hardmeyer, the former CEO of the Bank of North Dakota (BND), will share his experiences helming the nation’s only public bank for over 20 years, and the mission, design, and mechanisms that enabled the BND to weather the 2008 financial crisis and successfully roll out more PPP loans than any other state during the COVID-19 pandemic.