California Public Banking Movement Resources
Weâve assembled a powerful set of resources to help propel the public banking movement in California and beyond.
Category: California Public Banking Alliance
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Asset Funders Network Webinar
Public Banking in California: A Pathway to Community Wealth Building and Inclusive Local Economies
In 2019, California became the first state to establish a legal framework for municipalities to form public banks. Since the passage of the California Public Banking Act, local governments in the East Bay, San Francisco, Los Angeles, Sacramento, Fresno, Pomona Valley, and the Central Coast have taken steps toward exploring public banks, with some passing legislation or allocating municipal resources.
Public banks are government-owned, socially responsible financial institutions that enable municipalities to reclaim public funds and invest directly in their communities. Their loans support projects that serve local needs, reinvesting profits to generate sustainable growth and public benefit. Public banks have the potential to spur inclusive and equitable economic growth including affordable housing, green energy infrastructure, and expanding access to capital for local community financial institutions to support small businesses. Public banking advocates believe that communities of color would especially benefit from this alternative to the private banking system.
On November 19, 2024, BA AFN led a discussion on:
- the benefits of public banking and its potential to build community wealth and meet local needs;
- the roadmap to establishing a public banking system throughout California; and
- catalytic philanthropic investment opportunities to make public banking a reality in California.
Speakers
Trinity Tran, California Public Banking Alliance
Bianca Blomquist, Small Business Majority
Eric Payne, The Central Valley Urban Institute
Sophia Rodriguez, Y&H Soda Foundation
Rebeca Rangel, Asset Funders Network
Watch the webinar
View the presentation
CPBA November 2024 Newsletter
Read the California Public Banking Alliance November 2024 Newsletter.
Public Banking Gains Ground Across California
THE CALIFORNIA PUBLIC BANKING ALLIANCE EXPANDS IN CENTRAL CALIFORNIA!
Welcome to Public Bank Fresno, the newest member of the growing California Public Banking Alliance! Weâre excited to collaborate with you in working with local governments to establish socially and environmentally responsible public banks across California.
Led by Samuel Molina, CEO of The Academy of Financial Education, and Eric Payne, Executive Director of the Central Valley Urban Institute, Public Bank Fresno brings a wealth of expertise and passion to our shared mission.
If you’re in the Fresno or Central Valley area and interested in joining Public Bank Fresno, contact Samuel: samuel@taofe.org
CPBA SEPTEMBER 2024 CITY/REGIONAL PROGRESS REPORTS
The California Public Banking Alliance (CPBA) continues to make significant strides in establishing public banks across the state. From Los Angeles to San Francisco, local governments are pushing forward with plans to establish financial institutions that serve the people, not just profits. This update covers our latest efforts, showing our shared commitment to flipping the script on California’s financial future and making banking work for everyone.
Central Coast
The governing bodies of ten jurisdictions have approved resolutions in support of a viability study to create the bank, and officials from two other jurisdictions have expressed support for a viability study as well. Local organizers with the People for Public Banking Central Coast are currently exploring the formation of a regional green bank that could eventually transition to a full-scale public bank.
Fresno
Fresno organizers are advocating for the Fresno City Council to introduce a motion that allocates funds for a feasibility study and business plan to explore the formation of Public Bank Fresno, which would support community economic development and partner with local financial institutions and CDFIs to strengthen Fresnoâs small businesses.
East Bay
In May 2024, the City of Richmond unanimously passed a resolution authorizing the East Bay Public Bank organizers to apply to the State and Federal regulators for a bank charter in their name. The Friends of the Public Bank East Bay, its Board Candidates, and CEO are continuing negotiations with Alameda County and local municipalities regarding capitalization commitments. PBEB leadership has completed a full draft of the bankâs business plan and is working with local financial institutions on initial partnership discussions.
Los Angeles
The August 2024 Public Bank LA (PBLA) Advocacy Day at Los Angeles City Hall saw strong backing from coalition leaders: Inclusive Action for the City, United Parents and Students, ACCE Action, SEIU 721, and community allies. Councilmember Eunisses Hernandez endorsed the public bank as a strategy to cut infrastructure costs, especially with the LA 2028 Olympics approaching. Following the City Councilâs unanimous May 2024 vote to fund the Public Bank Feasibility Study, PBLA is now advocating for Phase 1 funding in the Fall budget, which could save the city over $1 billion annually, reduce borrowing costs, and create new revenue streams.
At the June 2024 rally at LA City Hall, the Public Bank LA coalition called on the city to establish a public bank to boost local lending power and keep profits within the community. Councilmember Hugo Soto-Martinez stressed the importance of a public bank to tackle the housing crisis, homelessness, and budget challenges, calling for reinvestment of taxpayer money into neighborhoods and housing solutions.
Sacramento
In March 2023, the Sacramento City Council approved a budget request to fund consultants to develop plans for starting a public bank in accordance with the California Public Banking Act. An updated RFQ was released by the City in August 2024.
San Francisco
Plans for the Green Bank and Public Bank were unanimously approved by the Board of Supervisors in June 2023. Currently, the San Francisco Public Bank Coalition is working with the Board of Supervisors, the Local Agency Formation Commission, and the office of the Treasurer and Tax Collector to implement the plans, including actively engaging with U.S. EPAâs Greenhouse Gas Reduction Fund awardees to seek federal funding available for capitalizing green banks.
Pomona Valley
The Study Group for Public Bank Pomona Valley has met for nearly five years, lobbying local elected officials and civic groups from three cities, promoting grassroots public bank education, and closely watching statewide efforts. We intend to be among the second tier of regions establishing local public banks and, until then, tilling the soil in preparation for guiding our cities toward this worthy goal, as well as assisting other regions in their efforts. Our members have also contributed to both the National Infrastructure Bank and CalAccount efforts.
If you’re interested in joining local or regional public banking efforts, please reach out to the organizers in your area in our contact list at capublicbanking.com/contact-us.
CALACCOUNT COMMUNITY BRIEFING – OCTOBER 1ST!
Join our virtual community briefing on October 1, 2024, at 12pm as we gear up for implementation of CalAccount in 2025! Hear from experts about why CalAccount is so important, learn about the features of the new program that will be essential to the millions of workers without access to reliable, free banking services, and get your questions answered.
RSVP for the October 1 event on Zoom HERE.
Share the invitation with your base to help make CalAccount a reality.
CALACCOUNT MEETINGS IN SACRAMENTO & LOS ANGELES
Union members and community leaders gathered in Los Angeles and Sacramento to demand a fair banking system for all, including working-class people, people of color, and immigrants. In LA, we briefed SEIU 2015 workers and community memberes to prepare them for public comment.
Workers shared stories about the impact of bank fees, highlighting the need for fee-free banking. Nearly 8 million un/underbanked Californians could save $3.1 billion annually, generating $5 billion in economic activity. We’ve advocated for free checking accounts with debit card access for all 40 million Californians. The RAND study confirms that CalAccount is feasible. Read the report here:Â Banking the Unbanked: CalAccount Market Study and Feasibility Assessment.
The struggles of workers fuel our mission to remove banking barriers. We’re grateful for the powerful testimonies from the California Fast Fod Workers Union and SEIU Local 2015. It’s time to eliminate these barriers for all Californians.
If you havenât already endorsed CalAccount, join over 250 organizations in support of free banking!
STATE TREASURER BACKS CALACCOUNT
State Treasurer Fiona Ma supports CalAccount, recognizing its feasibility and urgent need. CalAccount is essential to protect Californians from predatory financial practices, offering everyone a fair shot at building wealth and breaking the cycle of poverty. We look forward to working with the Legislature to make this program a reality.
âIn summary, a CalAccount program is, indeed, feasible. We also received a massive outpouring of public support for implementing a CalAccount program, which mirror feedback collected from throughout the state during the last six months.
… But hearing over-and-over again these real and raw, first-hand experiences make it clear as day that the time is now for a CalAccount program and that this simple program could make a lasting impact in helping Californians build wealth and end inter-generation poverty.â
– California State Treasurer, Fiona Ma
BRIDGING THE GAP BETWEEN CLIMATE & ECONOMIC JUSTICE
CalAccount is a game-changer for economic and climate justice in California. With 1 in 5 households unbanked or underbanked, vulnerable communities are hardest hit by climate disasters. CalAccount provides a free public option for basic financial transactions, helping low-income and communities of color build resilience against climate shocks. It could save Californians $3.3 billion in fees and interest, benefiting both wallets and the environment.
Check out the latest from the Alliance’s Legislative Director Sylvia Chi for Just Solutions: How a Public Option for Basic Financial Transactions Supports Household Climate Resilience.
CALIFORNIA STATE PUBLIC BANK REPORT
“The Case for California’s State Public Bank,” authored by Neha Singh of UC Berkeley’s Goldman School of Public Policy, supported by the California Public Banking Alliance and Rise Economy, outlines a plan to transform the Infrastructure Bank (IBank) into the California State Public Bank. Modeled after the Bank of North Dakota, this strategy aims to enhance local economic resilience through strategic partnerships while expanding IBankâs mission to include affordable housing, green energy, and economic development. The report also calls for governance reforms to ensure transparency and efficiency. A California State Public Bank would be a cornerstone of the state’s economic framework, advancing sustainability and social justice.
Read the report:
Download the state bank report
Read the press release
Follow us @capublicbanking on Twitter, Instagram, and Facebook.
capublicbanking.com
A Technical Guide by the CA Public Banking Alliance
Welcome to the June edition of the CA Public Banking Alliance (CPBA) Newsletter! We’re excited to share insights into the transformative power of public banking in California and beyond. Explore our technical brief, learn about our initiatives to ensure financial inclusion through CalAccount, and find out how you can support the ongoing banking revolution. Plus, we celebrate a historic milestone in Public Bank East Bay’s public banking progress!
CA Public Banking Alliance Technical Brief: Exploring the Mechanics and Benefits of Public Banks
Discover the transformative potential of public banking with the CA Public Banking Alliance Technical Brief. Our newly designed comprehensive guide covers essential topics, including:
- Mechanics of a Public Bank: Understand how public banks operate and their fundamental principles.
- Start-Up Capital and Lending Funds: Learn about various methods to acquire the necessary capital and funds for lending.
- Sustainability: Explore strategies to ensure the long-term viability of a public bank.
- Advantages of Public Banks: Discover the numerous benefits, from fostering local economic growth to supporting community projects.
- Examples of Public Banks: Examine successful public banks in the US, and around the world, and their impact.
- Financial Components: Gain insights into the financial structures that underpin public banking.
- Risk Management: Identify the risks involved for both the public and the sponsoring entity and learn effective risk mitigation strategies.
- Rate of Return: Get projections on the expected return on initial capital investments.
- Municipal Finance Corporations: Learn about these entities and their role in public banking.
- Green Banks: Understand the concept of green banks and their importance in driving sustainable projects.
For a deeper dive into these topics and more, read our updated technical brief.
Historic Resolution for East Bay Public Bank Charter Passed
On May 29, 2024, Richmond, CAâs City Council unanimously passed a resolution authorizing East Bay Public Bank organizers to apply to state and federal regulators for a bank charter. This is the first such government resolution in the U.S. in 100 years! Congratulations, Richmond!
Save the Date! CalAccount Town Halls in Los Angeles and Sacramento on July 18th!
Earlier this year, we held a series of statewide town halls attended by hundreds of people in coordination with the State Treasurerâs Office to uplift the voices of those affected by Wall Streetâs harmful and unfair banking practices.
On July 18, 2024, in preparation for the release of the final CalAccount market analysis report, weâll be convening our second town hall in Los Angeles and Sacramento. Your voice matters in bringing free banking to California. Stay tuned for details!
CalAccount was featured in La OpiniÃģn, the US’s largest Spanish-language paper. Read the coverage: RevoluciÃģn bancaria en favor de los mÃĄs vulnerables (Banking revolution for the most vulnerable; see English translation).Â
Endorse CalAccount: Empower Californians with Free Financial Services
Join over 250 organizations in supporting CalAccount, a groundbreaking initiative to provide free financial services for all Californians. Over 30 percent of Black and Latina/Latino households are unbanked or underbanked. By endorsing CalAccount, your organization will help support financial inclusion, reduce the unbanked population, and ensure that all residents have access to essential banking services without the excessive fees, fines, penalties, and barriers posed by Wall Street banks and commercial financial institutions.
Endorse CalAccount today by signing our organizational support letter. If you have already endorsed, please reaffirm your commitment by signing our 2024 endorsers letter.
Join the movement and stand with our growing list of supporters by viewing the links below.
Sign On to Endorse CalAccount and our 2024 Endorsers Letter
View the Endorsers List
Support the Banking Revolution: Donate Today!
In 2019, the California Public Banking Alliance (CPBA) achieved a historic milestone with the passage of the California Public Banking Act (AB 857). Building on this success, our all-volunteer team and dedicated allies championed the California Public Banking Option Act (AB 1177) in 2021, which will make universal free banking services a reality.
Now, weâre focused on turning these groundbreaking legislations into tangible change. Our team is working tirelessly to establish local public banks across California and guide the CalAccount program to fruition.
Every dollar you donate is tax-deductible and directly supports our mission to open public bank doors and provide free banking services to all Californians. Your generosity will make a real difference in the lives of California communities.
Thank you for your support.
Donate Now
The Case for California’s State Public Bank
The Case for the California State Public Bank was authored by Neha Singh of Berkeley’s Goldman School of Public Policy, commissioned by Rise Economy in collaboration with the California Public Banking Alliance. The report provides a roadmap for launching a California State Public Bank through the existing framework of the Infrastructure Bank (IBank). It’s not just about exploring possibilitiesâit’s about harnessing them strategically to address crucial economic sectors such as affordable housing, green energy, small business empowerment, and pioneering ownership models across the state.
The capstone proposes a transformative shift by advocating for a partner bank model, inspired by the US’s successful public bank, the Bank of North Dakota. This approach would significantly boost the IBank’s effectiveness by supporting local economic resilience through partnerships with local lenders and Financial Development Corporations (FDCs), thereby democratizing capital control. With an expanded mandate, the IBank could include not only affordable housing and infrastructure projects but also initiatives that tackle climate change and social equity in economic resource distribution.
The report points out the crucial need for operational and governance reforms for the IBank to transition into an effective public banking entity. It lays bare issues of inadequate oversight and engagement and proposes strategic reforms such as revitalizing board composition, ensuring active and transparent governance, and aligning the bankâs operations with rigorous audit and compliance standards.
This capstone blends practical financial strategies with an approach to systemic economic reform. It posits the public bank as a linchpin in Californiaâs economic ecosystem, capable of driving significant social and infrastructural development, thus making a compelling case for rethinking, reforming, and revitalizing the financial frameworks that underpin Californiaâs most pressing economic needs.
Download and read the report.
Read the press release.Â
Milestones in Motion: CPBA’s Spring 2024 Newsletter
Public Banking Advocates Travel to the Capitol
CPBA Advocacy Team: Julian LaRosa, Lovoy Mejia, Trinity Tran, Debbie Notkin, Sylvia Chi, Rick Girling, Goli Sahba, Brett Garrett, Doug MacPherson.
The California Public Banking Alliance Advocacy Team had an action-packed and productive day advocating for public banking in Sacramento. We conducted 20 meetings that we arranged in legislatorâs offices and dropped-in on another 30 offices to provide updates on progress we have made with California's public banks and the CalAccount program.
Following the enactment of Californiaâs public banking law, government agencies in five regions — Californiaâs Central Coast, the East Bay, Los Angeles, Sacramento, and San Francisco — have allocated funding and resources to support the implementation of public banks. Advocates in these regions are working hard at developing business plans to set up city and regional public banks in accord with the California Public Banking Act.
NCRC Just Economy Conference and Federal Reserve Board
in Washington DC
California Public Banking Alliance at the NCRC Conference with Rise Economy.
CPBA lead organizer Trinity Tran traveled to Washington DC to meet with Congressional offices and the Federal Reserve Board of Governors. She delivered an overview of the California Public Banking Act, updating the Federal Reserve Board on the progress of public bank development in California and discussing the upcoming groundbreaking applications from Californiaâs local governments.
CPBA also attended the National Community Reinvestment Coalition (NCRC) virtual meetings alongside Rise Economy, presenting updates on California's public banks to federal regulators.
Trinity presented at the NCRC Just Economy Conference in Washington DC on the panel "Banking on a Better Future: How Public Banking Can Transform the Financial Industry." The panel was attended by over 100 people, including NCRC non-profit members from across the country and representatives from Wall Street banks.
CalAccount Town Hall Report
Hundreds of CalAccount supporters took the time to passionately document the extreme hardships that working class Californians face due to the absence of affordable financial services. They arrived at three town halls convened in late February by the California Treasurerâs Office in Fresno, Oakland, and Los Angeles to gauge support for this innovative program to dramatically improve the lives of the unbanked and underbanked.
These town halls drew grassroots community leaders, business leaders, experts in financial services access, labor leaders, and workers. All testified to the overwhelming need for a state administered banking account with no-fees, no minimum balance and no overdraft penalties.
Facilitated by the CalAccount Executive Director, Cassandra DiBenedetto, town hall participants provided powerful testimony supporting the need for the program. Public participation is required to be included in the final report by RAND, the firm conducting the CalAccount Market Study for the Treasurerâs Office.
Once completed, the market study will return to the Legislature for approval. The CalAccount Community Coalition intends to introduce legislation to implement CalAccount in the 2025-26 session, making CalAccount the first state-administered universal banking program in the nation.
Visit the California Public Banking Alliance YouTube page to watch speaker clips from the town halls.
To watch the full video recordings of the CalAccount Town Halls, visit the CalAccount Blue Ribbon Commission page on the State Treasurerâs website.
Read our full report from the statewide CalAccount Town Halls: https://capublicbanking.com/calaccount-2024-statewide-town-halls-event-wrap-up/
Oakland CalAccount Town Hall
Los Angeles CalAccount Town Hall
CPBA Spring 2024 Progress Report
Central Coast
The governing bodies of ten jurisdictions have approved resolutions in support of a viability study to create the bank, and officials from two other jurisdictions have expressed support for a viability study as well.
East Bay
The slate of bank board candidates has been finalized, and the consultant has completed the first draft of the business plan for the public bank. In November 2023, the Friends of Public Bank East Bay hired the veteran credit union executive Scott Waite as the public bank CEO. The Friends are currently negotiating with the three cities and the county regarding capitalization commitments. They have completed a full draft of the business plan and are working with local financial institutions on initial partnership discussions.
Los Angeles
Two prominent think tanks, the Jain Family Institute and the Berggruen Institute, issued a series of five reports and developed lending models for the LA Public Bank covering affordable housing, green energy, and small businesses. The Chief Legislative Analyst released an RFP to hire consultants for the public bank viability study and business plan. The Los Angeles City Council is currently overseeing an RFP process to evaluate the feasibility of the proposed Los Angeles Public Bank.
Sacramento
In March 2023, the Sacramento City Council approved a budget request to fund consultants to develop plans for starting a non-depository financial institution, which will eventually transition into a public bank. An RFQ was released by the City in December 2023.
San Francisco
Plans for the green bank / municipal finance corporation (MFC) and public bank were unanimously approved by the Board of Supervisors in June 2023. Currently, the San Francisco Public Bank Coalition is working with the Board of Supervisors, the Local Agency Formation Commission, and the office of the Treasurer and Tax Collector to implement the plans, including actively engaging with applicants to U.S. EPAâs Greenhouse Gas Reduction Fund to seek federal funding available for capitalizing green banks.
Read our detailed city and regional public banks progress report: https://capublicbanking.com/cpba-city-regional-progress-report-april-2024/
California Public Banking Alliance
Advancing city and regional public banks in California.
CPBA City/Regional Progress Report – Spring 2024
CPBA Spring Progress Report
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CENTRAL COAST
People for Public Banking Central Coast is a coalition advocating for a regional public bank to encompass the counties of Santa Cruz, Santa Barbara, Monterey, and San Luis Obispo, including the cities within those counties. The governing bodies of ten jurisdictions have approved resolutions in support of a viability study to create the bank, and officials from two other jurisdictions have expressed support for a viability study as well.
EAST BAY
Public Bank East Bay is a proposed regional public bank that will be jointly owned by Oakland, Berkeley, Richmond, and Alameda County, and governed by a board consisting of representatives from each of these governmental agencies, as well as financial experts and community leaders. The bank will partner with local financial institutions to provide lending services for affordable housing, small businesses, and green energy. As of March 2023, the slate of bank board candidates has been finalized, and the consultant has completed the first draft of the business plan for the public bank. In November 2023, the Friends of Public Bank East Bay hired the veteran credit union executive Scott Waite as the public bank CEO. The Friends are currently negotiating with the three cities and the county regarding capitalization commitments. They have completed a full draft of the business plan and are working with local financial institutions on initial partnership discussions. They are also working with foundations to secure deposit commitments which will help collateralize public deposits and strengthen the Bank’s bottom line.
LOS ANGELES
Public Bank LA is led by labor groups, CDFIs, and affordable housing groups including SEIU 721, Inclusive Action, and ACCE LA. Two prominent think tanks, the Jain Family Institute and the Berggruen Institute, issued a series of five reports and developed lending models for the LA Public Bank covering affordable housing, green energy, and small businesses. These reports show the bankâs profitability while enabling the creation of over 17,000 affordable units during the first decade of operation. It could substantially reduce costs for the LADWP, the city’s municipal-owned utility, and support large-scale renewable energy projects. The lending models demonstrate that the LA Public Bank not only generates a profit for LA taxpayers but also supports small businesses, including facilitating their transition into worker ownership. The Chief Legislative Analyst released an RFP to hire consultants for the public bank viability study and business plan in September 2022. In June 2023, the City Council voted unanimously to approve funding Phase 1 of the LA Public Bank feasibility study and business plan. The Los Angeles City Council is currently overseeing an RFP process to evaluate the feasibility of the proposed Los Angeles Public Bank. Â
SACRAMENTO
Public Bank Sacramento was founded in 2022 and led by the Climate Coalition of Sacramento and the Sacramento Area Congregations Together (SacACT), a coalition of nearly 100 community groups, congregations, and environmental justice organizations. Elected officials including the city treasurer are supportive of the initiative. In March 2023, the Sacramento City Council approved a budget request to fund consultants to develop plans for starting a non-depository financial institution, which will eventually transition into a public bank. An RFQ was released by the City in December 2023.Â
SAN FRANCISCO
The San Francisco Public Bank Coalition is a community-led coalition including Lawyers’ Committee for Civil Rights of the San Francisco Bay Area, Council of Community Housing Organizations, and PODER. The SF Board of Supervisors passed the Reinvest in San Francisco Ordinance in June 2021, which initiated a year-long process of creating business plans for an interim green bank, which will later transition into a public bank. The city hired HR&A Advisors as consultants to co-create these plans with representatives from the city, local communities and small businesses, credit unions, and Community Development Financial Institutions. The primary goal of the public bank is to fund affordable housing, small business support, and climate justice projects in partnership with community financial institutions. Plans for the green bank and public bank were unanimously approved by the Board of Supervisors in June 2023. Currently, the San Francisco Public Bank Coalition is working with the Board of Supervisors, the Local Agency Formation Commission, and the office of the Treasurer and Tax Collector to implement the plans, including actively engaging with applicants to U.S. EPAâs Greenhouse Gas Reduction Fund to seek federal funding available for capitalizing green banks.
Tlaib, Ocasio-Cortez Introduce Public Banking Act
Thanks to Congresswoman Rashida Tlaib and Alexandria Ocasio-Cortez all our coalition partners across the country that helped craft this transformative bill! For too long, Wall Street has failed to meet the moment, pursuing profits over peopleâs needs. This allows us to finally build a sustainable alternative.
In California, we passed the CA Public Banking Act, AB 857, which established a regulatory structure to legalize and guide the efforts of municipalities and regions throughout the state. The federal Public Banking Act will build on and expand that framework nationally to aid efforts across the nation.
WASHINGTON D.C. â Today, Congresswoman Rashida Tlaib (MI-12) and Alexandria Ocasio-Cortez (NY-14) introduced the Public Banking Act of 2023, which facilitates the creation of state and local public banks. The bill establishes a robust federal regulatory framework, grant programs, and financial infrastructure to promote public banks and ensure their success. The bill also mandates minimum standards for public banks relating to environmental justice, tenant protections, labor standards, democratic governance, and consumer data privacy.
âWall Street-run banks are failing to serve many of my residents who are struggling to make ends meet,â said Congresswoman Tlaib. âItâs long past time to open doors for people who have been systematically shut out. We must provide a better option for those grappling with the costs of simply trying to participate in an economy that has been rigged against them with discriminatory and predatory practices. We need a financial system that is democratically accountable and puts the livelihoods of our residents ahead of private profits.â
âThe Public Banking Act provides much needed federal recognition and guidance for public banks,â said Trinity Tran, Lead Organizer for the California Public Banking Alliance. âPublic banking is key to unlocking economic transformation for communities often overlooked or exploited by our current financial system, charting a path for cities and states to build a sustainable future that prioritizes environmental justice, tenant protections, democratic governance, and strong labor and workersâ rights.â
Read the press release: https://tlaib.house.gov/posts/tlaib-ocasio-cortez-introduce-public-banking-act.
Introducing Our New Video: Unlocking the Power of Public Banking!
Introducing Our New Video: Unlocking the Power of Public Banking!
We’re excited to share a new video that will shape the future of your community and pave the way for economic prosperity. As passionate advocates in this ongoing journey, our latest explainer video shows the transformative potential of public banks and how they prioritize people over profits and drive community-focused projects. It’s a big step forward in our ongoing quest to champion public banking for a future that’s all about fairness and growth.
https://www.youtube.com/watch?v=HooU2qC4qxo&lc=Ugznmmq3S69TCfTae9x4AaABAg
Unlocking the Power of Public Banking: Public banks are a financially secure solution, dedicated to funding critical community projects like local revitalization efforts, transit systems, green infrastructure, and affordable housing. Unlike traditional banks, public banks channel banking revenue back into our communities, not shareholder profits.
Your Community, Your Choice: The democratic essence of public banks will empower us to define our community’s future and needs, as these banks operate as public utilities rather than profit-driven entities. Community members have a say in what gets funded, impacting everything from school improvements to renewable energy projects.
Supporting Sustainability and Resilience: Public bank loans are pivotal in advancing climate justice by reducing costs associated with energy-efficient housing and sustainable transportation. By partnering with community banks and credit unions, public banks level the playing field against Wall Street megabanks, supporting local small business growth.
Financial First Responders in Tough Times: In times of crisis, public banks emerge as financial first responders, swiftly financing reconstruction efforts after disasters. These public servants understand their communityâs unique needs, ensuring a faster recovery and a resilient future