Progress on Public Bank Feasibility Study

First, the good news: the City Council has budgeted $75,0000 for a feasibility study regarding establishment of the Public Bank of Oakland! This study will include the possibility of a multi-jurisdictional public bank and the possibility of accepting deposits from cannabis businesses. However, the Council still needs to vote to authorize the study. This vote will come at the City Council meeting on Tuesday, July 18th.

Item # 18.

Subject: Feasibility And Economic Impact Of Establishing A Public Bank From: Finance Department

Recommendation: Adopt A Resolution

(1) Amending The City Of Oakland’s Fiscal Year (FY) 2016-17 Midcycle Budget (Which Was Adopted Pursuant To Resolution No. 86250 C.M.S. On June 21,2016) To Appropriate One Hundred Thousand Dollars ($100,000), From The Fiscal Year 2016-17 General Purpose Fund (1010) Balance For A Contract To Complete A Feasibility Study On Public Banking In Oakland, And

(2) Authorizing The City Administrator Or Her Designee To Negotiate A Scope Of Work, Terms And Execute A Contract With Global Investment Company In An Amount Not To Exceed One Hundred Thousand Dollars ($100,000)

URGENT: Call City Council

Your support is needed now to make sure we get the five votes needed. First, Oakland residents, please call the councilmembers listed below. Say you live in Oakland and you want City Council to authorize the feasibility study for the Public Bank of Oakland. When you call your own councilmember, be sure to say you live in their district.
District 2: Abel Guillen 510-238-7002
District 3: Lynette Gibson McElhaney 510-238-7003
District 4: Annie Campbell Washington 510-238-7004
District 5: Noel Gallo 510-238-7005
District 6: Desley Brooks 510-238-7006
District 7: Larry Reid 510-238-7007
Find your district: http://mapgis.oaklandnet.com/councildistricts/

DONATE to show community support

Second, we need your help to raise the additional $25,000 needed to fully fund the study. At Tuesday’s council meeting, the more funds we can say we’ve already raised, the better our chances of getting a green light. Please use the JustGive button on our website’s homepage to make a tax-deductible donation.

If you prefer, you can pledge an amount to be donated when the feasibility study is authorized. To pledge, send an email to contact@friendsofpublicbankofoakland.org before 3pm on Tuesday, July 18th, and tell us the amount of the pledge and the name of the person or organization making the pledge. In the subject line, please put ‘Pledge for PBO study.’

Thanks!

Watch our new video

Videographer and Friend of the Public Bank Maren Poitras has made an informative ten-minute video to help everyone understand the advantages of public banking. Watch it here.