LA and SF announce plans to start a public bank

Jay Owen Transforming Finance

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Los Angeles and San Francisco announce they are moving forward with plans to start public banks

Close on the heels of the Public Banking Act being signed into law last week, LA City Council President Herb Wesson announced he will be introducing a motion within the week to hire a banking expert to draft a comprehensive plan for a public bank for the City. The San Francisco Chronicle reported that San Francisco was also pushing ahead with plans for a city-owned bank.

Wesson announced the motion in a press conference (Facebook link) celebrating the unprecedented success of AB 857 in front of Los Angeles City Hall on Monday Oct 7.

Assemblymember Miguel Santiago, co-author of AB 857, emphasized the people power behind the win:

“This is a bill where a people-powered movement took on a huge financial industry [that] extended their tentacles into every office [in Sacramento] and the people power prevailed. … The arguments prevailed. This bill [built] public confidence that we can beat back Wall Street, that we can beat back paid lobbyists. Los Angeles is going to lead. … [Wall Street’s] going to use all the same old tired arguments. … We’re going to take them on in Los Angeles.”

Watch the celebration at LA’s victory party! (Facebook link)

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California’s Public Banking Act gains global media attention

Headlines convey the enormous impact of last week’s signing of the Public Banking Act in California:

The American Prospect, David Dayen: A Century in the Making

Real News Network, Dharna Noor interviews David Jette: California Legalizes Public Banking*

Common Dreams, Jake Johnson: ‘Stunning Rebuke to Predatory Wall Street Megabanks’ as California Gov. Signs Law Allowing Creation of Public Banks*

Cowboys on the Commons, Matt Stannard, California’s New Public Banking Law: Joy and Cautious Optimism

Los Angeles Times, James F. Peltz: Public banks can be formed in California: Newsom signs new law*

Sacramento Bee, Sophia Bollag: California cities could open their own public banks under new law meant to fund housing*

The Guardian, Mario Koran: California just legalized public banking, setting the stage for more affordable housing*

Banking Dive, Ana Hrushka: California law allows cities, counties to create public banks*

Yes! Magazine, Ananya Garg: California Just Legalized Public Banks. Will the Rest of the Nation Follow Suit?*

USA Herald, Marivic Cabural Summers: California Governor Signs Bill Allowing the Establishment of Public Banks*

* Note: Legal analyses have concluded it was legal for cities and regions to form public banks prior to the signing of AB 857. The Public Banking Act created uniform requirements for chartering city and county owned banks in California.