About. public banking
Strike Debt advocates a just and sustainable economy, based on common goods, mutual aid, and public affluence. The creation of a city and state public bank is a major step forward.
NEWS FLASH October 2019. Governor Newsom signed Public Banks into law! Oakland, Berkeley and San Francisco are almost ready to go.
But.... Los Angeles Announces Plans for the First Public Bank In California! They pulled $100 million out of Wells Fargo. Now when the city wants to use their own money, they don't have to pay Wells Fargo to do it, saving millions of dollars for more city projects. Check out the two videos in the next column for the basics about Public Banking. Read this article and share it widely.
Los Angeles City Council President Herb Wesson... announced that the first public bank in California would be coming to Los Angeles... “Within the next 48 hours it is my intention to put forward before the LA City Council a motion to put out a request for a banking expert to help put together a public bank here in Los Angeles.” The meeting of the
Read what it takes to start up a city or state bank here:
Proposed Legislation Sets Timeline for S.F. Public Bank November 2019
...The latest task force would ease San Francisco into the change by first coming up with a business plan for a bank known as an Economic Development Financial Institution (EDFI) that’s not fully developed and doesn’t take deposits. This would limit the first phase of the bank strictly to lending focused on affordable housing production and preservation, small businesses, and public infrastructure.
The nine-member task force would meet at least monthly and be required to submit the plan by June 2020. By December 2020, another plan would be due to enter the trickier, second phase: turning it into a fully-fledged public bank capable of taking deposits...
WE'VE COME ALONG WAY BABY!
We made MAJOR progress today! Our bill # AB857 to allow local govts to create public banks passed the Assembly Banking Committee. Thank you to everyone who made this possible!
California Public Banking Alliance @calpba
The votes are in: # AB857 passes the Assembly Banking & Finance Committee!! After a robust debate btw our joint authors Asm. @ DavidChiu, @ SantiagoAD53 and Wall Street lobbyists, the committee voted to move our bill forward to Asm. Local Gov. Public banking in CA here we go!!
AND THIS STEP IS HISTORY...
FROM ELLEN BROWN about the attempt to pass legislation in LA's November '18 election for a Public Bank....42% said yes! did not pass but a great first attempt. read her details here:
Hi, I've gotten inquiries on the outcome of the Los Angeles ballot measure to approve a city-owned bank , so thought I would send a quick update. Unfortunately it did not pass, but it did get 42 percent of the vote. It was a remarkable outcome considering that the dynamic young Public Bank LA advocacy group effectively only had a month to educate 4 million voters on what a public bank is and why passing the measure was a good idea. If they had had another month, the bill could well have passed.
The City Council took supporters by surprise when it put the charter amendment on the ballot in July, leaving only four months to promote it. Passing a ballot measure typically takes a campaign war chest of $750,000 or more, and the all-volunteer PBLA group began with no funding and no formal group. The first challenge was clearing the legal requirement of forming a campaign committee, which itself takes funding and some expertise. The committee only began amassing campaign funds a month before the November 6 vote, after which it managed to bring in $60,000.
Most of the campaign, however, was conducted with sheer people power. According to PBLA political director Ben Hauck, in that short time the all-volunteer team managed to gain endorsements from over 100 organizations and community leaders, text message 350,000 voters, hand out over 50,000 flyers, reach over 500,000 voters through social media campaigns, get included in three mailers reaching over 1,200,000 voters, put up hundreds of yard signs and banners across L.A., talk with thousands of voters at events, universities, rallies and gatherings across the city, get featured in dozens of major news stories, articles and TV coverage, manage their own paid social media campaign, drive over 150,000 video views on a YouTube campaign, contact 200,000 voters via a robocall from the Chairman of the California Democratic Party, put on several significant campaign events, get featured in a press event with senatorial candidate Kevin de León and City Council President Herb Wesson, and create several featured videos, dozens of ads, and countless pieces of written content.
The PBLA team is pressing on undaunted. Leader Trinity Tran wrote after the vote, "Over a quarter million Angelenos voted in support of Measure B and the conversation on public banking has now been amplified across the country. This is just the beginning of the national movement. And it's a fight we are certain will be won."
We’re hugely proud of the PBLA team! Their dramatic achievements in a very short time are a testament to the power of a committed group of volunteers working together at the local level for a cause they feel strongly about.
If you would like to follow the progress of the public banking movement across the country, please sign up for the Public Banking Institute newsletter, linked here.
Early in 2018, Oakland and Berkeley City councils have voted to spend $100,000 to investigate the value of an Oakland Public Bank and a Berkeley Public Bank. Strike Debt Bay Area was behind the educational efforts that brought these 2 cities, with a combined population equal to Portland, to this point. San Francisco is ready to do the same. Power to the people means keeping the peoples money in the state instead of big Wall St. banks. We can do this!
The Berkeley City Council proclaimed May 1, 2018 "Break Up With Your Bank Day" as a way to encourage residents to move their money to socially and environmentally responsible banks.The goal is to spur Berkeley residents to stop doing business with banks that engage in fraudulent practices and that invest in things like fossil fuel infrastructure, pipelines, gun manufacturing, private prisons, and big tobacco. This effort extends the critical groundwork to shift the City's banking business to community banks and credit unions that invest in Bay Area businesses and that better reflect Berkeley's values of social, economic and environmental justice.
How we would benefit from establishing a public bank in San Francisco or elsewhere. Short PSA from SF Public Bank
This short animated video explains what public banking is and why we need it.