Delegates of the California Democratic Party endorsed AB 857, the Public Banking Act, during a party convention in San Francisco the first weekend in June.

(photo courtesy of Assemblyman Miguel Santiago’s office)

The measure would give local governments throughout California the option to create their own public bank, and it passed through the organization’s Legislative Committee with no opposition.

“Supporting the creation of pubic banks is part of the California Democratic Party platform for a reason,” said Assemblyman Miguel Santiago, joint author of the measure. “Too many in our communities have been disenfranchised by a corporate banking industry that sucks the wealth out of hardworking families’ pockets and distributes it to a handful of multi-billionaires. I’m thrilled to see one of the most progressive Democratic Parties in the nation supporting a measure that benefits all Californians, no matter what their political party might be.”

“I am thrilled that the California Democratic Party recognized that the public’s money should be used for the public good,” Assemblyman David Chiu (D-San Francisco) said. “Time and time again, our country’s biggest banks have invested our money in institutions most Californians are opposed to – oil pipelines, gun manufacturers, private prisons, and companies with unfair labor practices. This legislation makes the first step towards ensuring the public’s money is reinvested in our local communities, where it will benefit everyone regardless of party affiliation.”

Over recent months, the joint authors of AB 857, Santiago and Chiu, built a strong coalition of coauthors who helped vote the measure off the Assembly floor last week. Those members include Assemblywomen Wendy Carrillo (D-Los Angeles) and Buffy Wicks (D-Oakland).

For more information, visit a53.asmdc.org.