Webinar ID: 979 4670 3278
In 2019, with your support, we passed AB 857, the Public Banking Act, empowering cities and regions to create our own banks. In 2020, economic fallout from the COVID-19 pandemic is forcing local governments across the state to cut staff, services, and vital programs at a time when they are most needed. We must bring desperately needed funds into urban and rural communities ignored by Wall Street banks.
AB 310 proposes emergency COVID-19 relief by transferring 10% of California’s Pooled Money Investment Account (PMIA) into the existing California Infrastructure Bank (IBank). It then requires the IBank to convert into a state depository institution which can leverage funds and lend directly to cash-strapped local governments and small businesses. A California State Public Bank can offer emergency lending and credit to community banks and credit unions, rescue small businesses, and help historically marginalized communities.
We only have 2 months to move this bill through two committees in the Senate, the Senate floor, two committees in the Assembly, and the Assembly floor.
With such a short window, we’re targeting outreach and endorsements to: local government, Democratic central committees, labor, civic organizations, credit unions and community banks, and national, regional and statewide organizations. Just as we did on AB 857, we’ll also coordinate lobbying outreach to over 90 Senate and Assembly offices – except this time, we will do almost all of it virtually.
The California Public Banking Alliance is a grassroots, people-powered effort led by a team of volunteers. We need your help once again in the fight to take on Wall Street and bring about economic recovery for the people of California!
Support the CA State Public Bank with 3 action steps below. Endorse AB 310, send a letter to the Senate from your organization, and use our Action Network letter to email your State Representatives directly. Reach out to email@example.com with questions, ideas, and support.
3 ACTION STEPS TO SUPPORT A STATE PUBLIC BANK:
1. Endorse AB 310: Organizational Endorsement Form
2. Email your Legislators via Action Network
3. Send a Senate Support Letter from your Organization
Links to our subject-specific one-pagers, fact sheet and FAQ are below, along with our template resolutions.
AB 310 RESOURCES: