Instead of placing billions of our cities' finances in predatory Wall Street banks, we now have the opportunity to build a new alternative banking system through locally-controlled socially and environmentally responsible public banks. AB 857 will provide a pathway for cities, counties and regions to form public banks that are regulated by the State Department of Business Oversight according to existing banking law.
AB 857 is an enabling bill that will grant cities, counties and regions the power to recapture public dollars for re-investment into local communities. The bill provides protection of public deposits, requires FDIC insurance, and strengthens local banking by requiring public banks to partner with, and serve as wholesale bankers to, credit unions and community banks.
Please support AB 857. Now is our moment in history to pave the way for a strong, transparent, and compliant institution that will reinvest in housing, transportation, clean energy, and jobs for the people of California.
CURRENT #AB857 ENDORSERS:
American Federation of State, County and Municipal Employees (AFSCME) Council 57Alliance for Community Transit - Los Angeles (ACT-LA)Alliance of Californians for Community Empowerment (ACCE) ActionAmerican Indian Movement (AIM) SoCalAsian Pacific Environmental NetworkBackbone Campaign Beneficial State FoundationCalifornia Community Land Trust Network (CACLTN)California Democratic Party DelegatesCalifornia Environmental Justice Alliance (CEJA)California Faculty Association, San Francisco State UniversityCalifornia for ProgressCalifornia Labor Federation, AFL-CIOCalifornia Native Vote ProjectCalifornia Nurses Association / National Nurses United, AFL-CIO (CNA)California Progressive AllianceCalifornia Reinvestment CoalitionCampaign for Sustainable Transportation - Santa CruzCenter for Community Action and Enviornmental Justice (CCAEJ)Center for Farmworker FamiliesCity and County of San FranciscoCity of BerkeleyCity of Huntington ParkCity of Los AngelesCity of OaklandCity of RichmondCounty of Santa ClaritaColeman Advocates for Children and YouthCommonomicsCommunities for a Better EnvironmentCommunity Financial ResourcesCooperation Humboldt – EurekaCourage CampaignDemocracy CollaborativeDemocratic Party of San Fernando Valley (DPSFV)Democratic Socialists of America – Los Angeles (DSA-LA)Divest LAFossil Free CaliforniaFriends of Public Banking Santa RosaFriends of the EarthGreen Party of CaliforniaGreen Party of Santa Clara CountyHealthcare for All - CaliforniaHollywood NOWHubert H. Humphrey Democratic ClubIdle No More - San Francisco BayIndivisible CA-33Indivisible California Green TeamIndivisible California: StateStrongIndivisible Los Angeles CA-43Indivisible East BayLawyers’ Committee for Civil Rights of the San Francisco Bay Area (LCCR-SF)Local Clean Energy AllianceLos Angeles County Democratic Party (LACDP)Media AllianceNational Nurses United (NNU)North Bay Labor CouncilNAACP - Santa CruzOrange County Poor Peoples' CampaignOur Revolution Long BeachPeace and Freedom PartyPeople for Public Banking Santa CruzPeople Organizing to Demand Environmental and Economic Rights (PODER)Progressive Asian Network for ActionPublic Bank East BayPublic Bank Los AngelesPublic Bank San DiegoPublic Bank Santa BarbaraPublic Banking Institute (PBI)Resist - Northridge, IndivisibleRevolution Los AngelesSan Francisco BerniecratsSan Francisco Living Wage CoalitionSan Francisco Public Bank CoalitionSan Francisco RisingSanta Cruz Climate Action NetworkSanta Monica Democratic ClubService Employees International Union (SEIU) CaliforniaSoCal 350 Climate ActionSonoma County Climate Action NetworkSouth Bay Progressive AllianceSunrise Movement - Bay AreaSunrise Movement - Los AngelesSustainable Economies Law CenterUnited Educators of San FranciscoUnited Food and Commercial Workers (UFCW) Local 5United Food and Commercial Workers (UFCW) Western States CouncilWe The People - San Diego CountyWellstone Democratic Renewal ClubWomen’s International League for Peace and Freedom350 Bay Area Action350 Conejo / San Fernando Valley350 Riverside350 Santa Cruz350 Silicon Valley350 South Bay Los Angeles