As federal support for climate and infrastructure shrinks, cities are turning to bold tools to build local economic power. Public banking is one of them.
Join us for a virtual roundtable, featuring our very own Trinity Tran, on how public banks can support guaranteed income programs and help build more inclusive, community-rooted economies. The event will spotlight new research from the Institute on Race, Power and Political Economy at The New School and feature leaders in public banking, economic justice, and guaranteed income. Featuring:
Terri Friedline, Professor of Social Work, University of Michigan
Darrick Hamilton, University Professor and Founding Director, Institute on Race, Power and Political Economy, The New School
Amy Castro, Co-Founder and Faculty Director, Center for Guaranteed Income Research, and Associate Professor, University of Pennsylvania
Trinity Tran, Co-Founder and Lead Organizer, California Public Banking Alliance
Graham Steele, Academic Fellow, Rock Center for Corporate Governance, Stanford Law School/Stanford Graduate School of Business, and Fellow, Financial Regulation, Roosevelt Institute
Hosted by: The Institute on Race, Power and Political Economy, The New School.
Read and download two new reports on how public banking can support economic equity and strengthen financial infrastructure for guaranteed income programs.
At a national convening in Washington, D.C., marking the launch of Demos and New Economy Projectâs report, Public Banks for Racial Equity: Democratizing Finance to Build Community Wealth,CPBAâs Executive Director Trinity Tran and Legislative Director Sylvia Chi presented Dispatches From the Field: Wins, Lessons, Whatâs Next for California, a look at the statewide public banking movementâs milestones and future trajectory.
The report covers the California Public Banking Allianceâs leadership in passing the California Public Banking Act (AB 857), the first legislation in the nation to create a pathway for municipal public banks. CPBAâs work is cited as a model for how public financial institutions can âmove public dollars out of extractive banking institutions and into investments that benefit working-class communities of color.â
CPBA is proud to be featured alongside organizers and public banking advocates from across the country committed to reimagining finance for racial and economic justice. As Trinity Tran notes in the report, âA public bank must be rooted in public interest and accountability to the communities it serves. Weâre building the financial architecture to fund affordable housing, small businesses, and green infrastructure in communities that Wall Street has long ignored.â
The report features insights from CPBA along with Public Bank LAâs Legislative Director David Jette, showing how California is laying the groundwork for a network of socially and environmentally responsible public banks, designed to build economic power in low-income communities of color.
The California Public Banking Alliance’s Executive Director Trinity Tran led the passage of the first law in the U.S. to let cities and regions form public banks, backed by our California alliance of activists. We did this not by playing by Wall Streetâs rules but by organizing across the state to build people power. Trinity then helped lead lead the passing of a second public banking bill now on its way to becoming to first universal banking services program in the U.S. Now we’re building the next phase: public banks that move billions into affordable housing, climate infrastructure, and community resilience.
CPBAâs Rick Girling writes in his latest op-ed: public banking advocates stand with the CFPB and against efforts to gut the few safeguards working people have left. Wall Street and billionaire tech moguls are coming for financial protections, but weâre not backing down. Read Rickâs piece in Stansbury Forum:
âSince 2012, consumers have been credited or saved more than $23 billion due to CFPB actions. The CFPB won a suit against Wells Fargo for $3.7 billion for decades of mismanagement of auto loans, mortgages, and deposit accounts harming more than 16 million Americans gaining them justice after suffering fraud. The CFPB recovered $363 million from lenders who scammed service members and veterans by violating the Military Lending Act. The CFPB instituted a rule limiting overdraft fees to $5 instead of the customary $20-35 that banks charge customers who have the least in their accounts, a projected savings of $5 billion to consumers. Unfortunately, Congressional Republicans killed this rule in April allowing banks to go back to charging whatever they want.
Organizations working to democratize finance such as the California Public Banking Alliance, the San Francisco Public Bank Coalition and Americans for Financial Reform strongly support the work of the CFPB. They are also strongly opposed to billionaire tech moguls and bankersâ attempts to defang these effective regulators and consumer advocates.â â Rick Girling, The Stansbury Forum
Our work is featured by world renowned progressive economist Gerald Epstein in his book Busting the Bankers Club: Finance for the Rest of Us! California has been a hub for the public banking movement, inspiring efforts nationwide. From the foreclosure crisis to the fight against Wall Streetâs role in the Dakota Access Pipeline, our roots run deep in people power.
With the passage of our California Public Banking Act bill (AB 857), California became the first state to authorize municipal public banks, turning the vision of keeping public dollars local into law. AB 1177 followed, paving the way for CalAccount and universal fee-free banking access.
The book captures our work:
On Page 259, Epsteinâs book captures our fight: âCalifornia has been a center of the public banking effort in the United States, and its recent successes have inspired public banking activists in other states. These efforts evolved first from the foreclosure crisis following the Great Financial Crisis in 2007-2009, and then received new energy from the grassroots movement advocating for divestment against the Wall Street banks supporting the Dakota Access Pipeline Project. The idea of divestment brought up an important question: where could local governments keep their funds instead? The lack of alternatives to Wall Street banks gave rise to the Public Bank LA initiative, which began a campaign to establish a municipal bank that would be owned by the city of Los Angeles and would manage city funds in the public interest.â
Page 260 â…this momentum was translated into the formation of the California Public Banking Alliance, a coalition of ten public banking grassroots groups across the state. In 2019, this coalition won a great victory: the state of California passed the first municipal banking legislation in the country, AB 857, authorizing the state to charter ten municipal banks over seven years. This victory set in motion actions by public banking organizations in multiple California municipalities and several regions to attempt to establish municipal and regional public banksâĶ
âThis legislation was followed by a second victory, the passage of the Public Banking Option Act (AB 1177), which, according to the California Public Banking Alliance, is âlandmark legislation guaranteeing universal free banking access to all Californiansâ. AB 1177 sets into motion the creation of the CalAccount program guaranteeing all California residents access to basic banking services without fees or penalties. The California Public Banking Option Act addresses the inequities in financial services acutely felt by communities that have been hardest hit by the pandemic and recession, inequalities such as discrimination, predatory lending, and vicious spirals of debt.
âThe passage of these two pieces of legislation has inspired public bank groups in other states. An important lesson from California is that a broad coalition with intensive organization and persistent activity is necessary to pass and implement such legislation over the opposition of the Banker’ Club going up against the inertia of the ideological prejudices and risk aversion characteristics of many key officers in legislatures and state and local bureaucracies.â
San Diego County Board of Supervisors acting Chair Terra Lawson-Remer called for bold local action in Wednesday eveningâs State of the County Address, including the creation of a public bank to finance affordable housing. She stated the need for the County to step up when the federal government falls short in serving residents: âWe can wait, or we can lead.â
Additional press in CBS! San Diego County Board of Supervisors acting Chair Terra Lawson-Remer called on it to take a stronger role in providing for residents, including possibly establishing a public bank to pay for affordable housing, in Wednesday evening’s State of the County Address.
At the Catalyst Convening in Long Beach on March 26, 2025, hosted by the Governorâs Office of Land Use and Climate Innovation (LCI) and the California Strategic Growth Council (SGC), CPBA’s Trinity Tran participated in a funding panel to discuss the California Public Banking Act. Trinity discussed how public banks keep money local, funding climate action and affordable housing, and how a state public bank can address California’s urgent funding needs amid shifting federal priorities.
On the panel were:
Trinity Tran Cofounder and Lead Organizer California Public Banking Alliance
Amar Azucena Cid Deputy Director, Community Investments and Planning California Strategic Growth Council
Geoffrey Ross Director of Government Services Horne LLP
Moderated by: Angie Hacker California Climate & Energy Collaborative CivicWell
The event convened local, regional, and tribal governments, community organizations, and state agencies to address climate, land use, and energy issues, co-create policies, and identify funding opportunities for local solutions.
Rashida Tlaib Highlights Our Public Banking Movement in The Guardian!
Congresswoman Rashida Tlaib and Michael McCarthy give a shout-out to our grassroots public banking movement in The Guardian!
âFrom Los Angeles to New York, for example, there are dozens of grassroots movements across our country building public options for finance. Democratic public banks and public asset managers are not run by a corporate board at the command of profit-driven shareholders lounging on yachts somewhere on the other side of the world. Powered by democratic mandates, they can make investments in renewable energy, affordable housing, community wealth-building, and other institutions that meet peopleâs real needs.â
Catalyst Convening: Local Solutions & Public Banking
At the Catalyst Convening in Long Beach on March 26, 2025, hosted by the Governorâs Office of Land Use and Climate Innovation (LCI) and the California Strategic Growth Council (SGC), CPBA’s Trinity Tran participated in a funding panel to discuss the California Public Banking Act. Trinity discussed how public banks keep money local, funding climate action and affordable housing, and how a state public bank can address California’s urgent funding needs amid shifting federal priorities.
The event convened local, regional, and tribal governments, community organizations, and state agencies to address climate, land use, and energy issues, co-create policies, and identify funding opportunities for local solutions.
The People’s Lobby! Public Banking for California’s Future
It was a packed day, including productive meetings with Senator Monique LimÃģn (DâSanta Barbara) and Assemblymember Mark Gonzalez (DâLos Angeles) as well as meeting with staff from a number of other legislators.
As cities grapple with budget deficits and federal threats to local resources, the time is ripe for public banking to come into being, leveraging public funds to invest in our communities and generate revenue to strengthen community sustainability. Itâs time to mobilize public money for the public good.
With nearly 8 million Californians unbanked or underbanked and federal consumer protections under threat, we need the state to lead on CalAccount, ensuring that basic banking is treated as a right. Considering that many businesses nowadays wonât even take cash payments, a free debit card is a necessity. Stay tuned for the final phase of the CalAccount campaign kickoff!
CPBA Members with Senator Monique Limon and Assemblymember and Majority Whip Mark Gonzalez.
Calling All Banking and Finance Experts!
We’re seeking experts in banking and finance to join our Technical Working Group. We’re addressing challenges related to statewide public banking efforts, including regulatory requirements, alternative structures, capitalization, and more. We’re also exploring the reintroduction of our California State Bank bill.
We’re sharing a helpful resource from our allies at The Democracy Collaborative: TRACKING THE CRISIS â a weekly news round-up covering administrative, legislative, and other actions by the new U.S. Administration, along with responses from legal, social, political, and economic movements.
This round-up serves as a tool to navigate the rapidly shifting political and economic landscape of the United States.
Our volunteer team of advocates from across the state: Sacramento, San Francisco, East Bay, and Los Angeles met with legislators at the Capitol to discuss our progress with building a network of socially and environmentally responsible public banks, and we rallied for CalAccount.
It was a packed day of meetings, including productive discussions with Senator Monique Limon and Assemblymember Mark Gonzalez about our progress.
With municipalities grappling with budget deficits and federal threats to local resources, public banking creates a powerful tool to build local sustainability. By leveraging public funds, we can generate revenue and resources that directly benefit California communities. It’s time to mobilize public revenue to serve the public good!
And with nearly 8 million un/underbanked Californians and threats to consumer protections, we need the state to lead on CalAccount to ensure basic banking is a right accessible to all.
California Public Banking Alliance’s Trinity Tran joins ShelterBox USA for an incredible panel event in honor of International Women’s Day 2025. Featuring Senator Monique Limon, LA Fire Department Captain Sheila Kelliher, and author Mindy Budgor. Moderated by ShelterBox USA’s President Kerri Murray.
Montecito Journal: In the quiet corridors of global progress, a sobering statistic echoes: 134 years. Thatâs how long the 2024 Global Gender Gap Report predicts it will take to reach gender parity worldwide. Itâs a timeline that stretches beyond our lifetimes, a horizon we can glimpse but never reach unless something fundamental changes in our approach.
This is precisely why ShelterBox USAâs annual International Womenâs Day panel carries such weight in 2025. Now established as Santa Barbaraâs longest-running event celebrating this global day, this yearâs gathering transforms the Music Academy of the West into an incubator of ideas centered around the urgent theme, âInvest in Women â Accelerate Action,â and the push for greater progress.
The carefully curated panel brings together women who donât merely discuss change â they embody it. Captain Sheila Kelliher, the first woman to serve as Public Information Officer for Los Angeles County Fire Department, represents the front lines of gender barrier-breaking. Recently seen on the Grammy stage handing âAlbum of the Yearâ to BeyoncÃĐ, Kelliher has navigated the historically male-dominated firefighting profession while establishing a Womenâs Fire Prep Academy, creating pathways for future generations to follow.
Senator Monique LimÃģn offers a complementary perspective from the legislative sphere. As Vice Chair of the Legislative Womenâs Caucus and representative of Californiaâs 21st district, LimÃģn crafts the policies that translate aspiration into structural change, particularly in advancing economic equality through pay equity legislation.
Community activist Trinity Tran brings yet another dimension to the conversation, focusing on economic opportunities for marginalized communities. Her work on the California Public Banking Act exemplifies how expanding access to financial systems can create cascading benefits for women and other underrepresented groups.
Completing the panel, Mindy Budgor â chronicled in her book Warrior Princess about becoming the first female Maasai warrior â now leads an AI-enabled company called Nines that empowers womenâs self-perception, demonstrating how technology can become a tool for changing deeply ingrained narratives.
The significance of this event transcends inspiration. As ShelterBox President Kerri Murray explains, women suffer disproportionately during disasters and conflicts â from higher death rates to significant economic losses and increased gender-based violence. Yet paradoxically, women also prove essential to community recovery efforts after disasters strike.
This duality informs ShelterBoxâs approach: acknowledging womenâs unique vulnerabilities while recognizing their irreplaceable strength in rebuilding shattered communities. The panel serves as both celebration of progress and clear-eyed assessment of work still undone.
For the hundreds expected to attend â many being young women early in their careers seeking mentorship and inspiration â the event promises something beyond platitudes. It offers living proof that the seemingly immovable barriers of gender inequality can indeed be dismantled, one strategic action at a time.
The free community event, sponsored by Twin Hearts: Belle Hahn & Lily Hahn Shining, invites all to register through the ShelterBox USA website and participate in this vital conversation. Because shortening that 134-year timeline requires more than passive observation â it demands collective acceleration.
ShelterBox USAâs International Womenâs Day Panel will take place on Thursday, March 6th, from 5-7 pm at the Music Academy of the West. Visit www.shelterboxusa.org/international-womens-day to RSVP.
