Letter: Bill allows cities to create alternatives to Wall Street

Alliance organizer Julian Larosa pens a letter in The Mercury News. The California State Assembly voted to pass the Public Banking Act (AB 857), and the bill now heads to the Senate for approval.

This important legislation will provide cities a pathway to a safe alternative to Wall Street institutions. It will enable cities and regions to go through a licensing process to create their own banks instead of paying billions per year in interest to Wall Street.

Public banks are locally controlled and accountable to the people, will halve the cost of infrastructure, save money, double our power to invest in our communities and can benefit localities through low-interest small-business loans and affordable housing.

That’s why AB 857 is endorsed by major unions, including California Labor Federation and California Nurses Association, and cities and counties from Eureka to San Diego.

Please contact Sens. Patricia Bates, Brian Jones, Anna Caballero and Jerry Hill urging them to support AB 857.

The Mercury News.