Public Banking Act passes state Senate test

Beverly Press. The Public Banking Act, AB 857, passed its first hurdle in the California Senate on June 19. The measure passed through the Senate Banking Committee and now heads to the Senate Governance and Finance Committee.

Assemblyman Miguel Santiago (D-Los Angeles) said AB 857 has the broad support from labor unions, environmental groups, grassroots activists and municipalities throughout the state, though it’s up against heavy opposition from Wall Street banks.

“Wall Street bankers hate the idea of a public bank because it takes power away from them and gives it back to the people,” Santiago said. “AB 857 gives us the option to invest public dollars for the public good, and I say it’s high time we prioritized the people of California over the profits of billionaire investors.”

Assemblyman David Chiu (D-San Francisco) said the state is “standing up to say the public’s money should be used for the public good.”

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