PUBLIC BANKING INSTITUTE NEWS: AUG 15, 2019
Success worth replicating: California’s AB 857 inspires NY state bill to enable public bank charters
Late last legislative session, Senate Banks Committee Chair James Sanders Jr. introduced a bill in New York State modeled after California’s fast-advancing, grassroots-developed Public Banking Act, AB 857. The New York bill — S 5565 — seeks to amend state law to clear the way for cities, counties or the state itself to create public banks. Advocates are spending the months between now and the start of the 2020 legislative session in January building a strong coalition to support it with the aim to mobilize a statewide public banking movement.
More to come soon on this developing story.
California advocates prepare for the final push for the Public Banking Act AB 857
California’s Public Banking Act has to date passed three Assembly committees, an Assembly floor vote, and two Senate committees. It is now in the Senate Appropriations Committee with a closed-door hearing scheduled for August 29. Advocates are preparing to meet with legislators in advance of the hearing to pave the way for passing that committee and the subsequent floor votes in both Senate and Assembly that would follow. The California Public Banking Alliance has put out the following call to action:
“On Monday, August 26, public banking activists from allied cities in California will converge in Sacramento for a Lobby Day at the State Capitol! This is our final Lobby Day session for the AB 857 campaign. Nothing is certain until the bill is signed, which is why we need as many people as possible to join us in Sacramento on Monday, August 26, so we can visit as many legislators as possible.”
Watch a new video created by student filmmaker Alex Maliwauki to support their campaign.
[See Facebook event]