AB 1177 PASSES APPROPRIATIONS COMMITTEE!
Plans for a Public Bank are moving forward in San Francisco with the Reinvest in SF Ordinance passing and its Working Group selected. Meanwhile, the Public Banking Option Act is advancing in Sacramento.
The California Public Banking Option Act (AB 1177) passed the Senate Appropriations today and now heads to the Senate floor for a vote as early as next week! AB 1177 has already passed the State Assembly and with today’s passage in the final Senate committee, we are just a few steps away from Governor Newsom’s desk. We thank the leadership of Appropriations Chair Senator Portantino, and the support from the committee’s other Democrats: Senators Bradford, Kamlager, Laird, and Wieckowski.
In just a few months, the Public Banking Option Act, now also known as CalAccounts, has garnered extraordinary support for efforts to assure that all Californians gain access to banking services. The California Public Banking Alliance, along with AB 1177 co-sponsors, SEIU California, and California Reinvestment Coalition, gained endorsements from well over 200 labor, community, and environmental justice groups to extend financial services to unbanked and underbanked residents.
Californians are demanding banking reform. The state’s largest union, SEIU with 700,000 members, is the primary proponent. Other labor unions such as the California Labor Federation and UFCW have joined in. Community activist groups are showing strong support. Indivisible CA: StateStrong and 350.org chapters throughout the state are mobilizing their members to advocate for AB 1177. Environmental activists such as Friends of the Earth and Greenpeace International see the benefits of making financial services available to all.
Four Mayors have endorsed AB 1177 including Mayor Robert Garcia of Long Beach, Mayor Tim Sandoval of Pomona, Mayor Jennifer Stark of Claremont, and Mayor G. Muir Davis of La Verne. Significantly, the city councils of some of the largest California cities, Los Angeles, Long Beach, Burbank, Berkeley, and San Francisco have also signed on.
Seventeen California Senators and Assemblymembers have joined lead author Assemblymember Miguel Santiago (D-Los Angeles) as authors and co-authors of the Public Banking Option Act. With strong support from hundreds of labor and community activists, as well as legislators up and down the state, passage of AB 1177 is likely as the coalition works to ensure that Governor Newsom will sign this bill into law in the near future.
The California Public Banking Option Act is supported by The San Francisco Public Bank Coalition together with 230 racial, economic, and climate justice groups, faith-based organizations, businesses, and labor unions. Easing the way for all Californians to participate in the California economy benefits us all.
Together we’re making history to pass landmark legislation guaranteeing all state residents access to free banking services.
Tell your CA Legislators to vote YES on AB 1177 the CA Public Banking Option Act.
Onwards to the Senate floor and Governor Newsom’s desk for his signature!