California Needs a State Public Bank
California is facing budget deficits, federal rollbacks, and deep cuts to housing, climate, CDFI funding, and small business programs. Just as our communities need support, the federal government is pulling back. Californians cannot depend on the Trump Administration to help solve these problems. We must assert our State’s authority to manage our substantial financial resources for addressing critical needs. For nearly 40 million Californians, the time to act is now.
The California Public Banking Alliance has released a new State Public Bank Overview. A State Public Bank would keep Californiaâs money working for Californians by protecting public funds, expanding credit to our communities where it is needed and lowering borrowing costs.
Local public banks are already moving forward across the state. City-and-regional-level public banks keep dollars circulating in neighborhoods, supporting small businesses, housing, and community projects. A State Public Bank creates an ecosystem of public financial infrastructure. It brings the strength of the worldâs fourth-largest economy, pooling deposits, providing liquidity, and technical assistance to help local banks launch and grow. The state bank provides the scale, support, and reach to finance housing, climate resilience, and infrastructure on a statewide level.
This is how California can build lasting economic power and resilience in the face of a hostile federal administration!
Join the fight and be part of the team building the State Bank campaign. This is only the starting point. Legislation is still being developed, and core details on capitalization, governance, and oversight will be shaped with coalition leaders, stakeholders, and legislative champions. Our aim is simple and urgent: build a strong, lasting movement and a financial system that truly serves the people of California!
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