(Sacramento, CA) – AB 221 “Emergency Food Assistance for All”, joint-authored by Assemblymembers Miguel Santiago (D-Los Angeles) David Chiu (D-San Francisco), and Robert Rivas (D-Hollister) and principal co-authored by Senator Susan Rubio (D-Baldwin Park) has passed out of the Assembly Human Services Committee on a 7-0 vote.
Escalating overdraft charges. Minimum balances. High ATM, check-cashing and debit card fees.
Banking can be expensive, especially for low-wage workers.
A score of California lawmakers have signed on to a new bill designed to offer Golden State households free financial services, taking on the state’s powerful banks at a time when easier access to banking services could help families cope with the economic fallout of the COVID-19 pandemic.
Los Angeles Assemblymember Miguel Santiago has introduced legislation that would form a state panel to create a no-fee, no-penalty bank account supported by the state and managed by existing financial companies.
Unlike a previous attempt by Santiago to create public banks, this time around, the legislation, Assembly Bill 1177, would form a Public Banking Option Board, which would partner with existing financial institutions to offer the free accounts statewide through a "BankCal" program.