Press Releases

Wednesday, March 13, 2019

Sacramento, CA – Following Governor Gavin Newsom’s action to place a moratorium on the death penalty in California, Assemblymember Miguel Santiago (D-Los Angeles) released the following statement:           

Monday, March 11, 2019

By Mark Anderson  – Sacramento Business Journal

Two California assembly members have introduced a bill to allow local governments to form their own public banks. 

Assembly Bill 857 by Miguel Santiago, D-Los Angeles, and David Chiu, D-San Francisco, seeks to create a public banking option to keep local money under local control.

The bill is a response to municipalities across the state that have shown interest in opening their own banks, said Jonathan Underland, communications director for Santiago. The legislation wouldn't create a bank, but would allow local jurisdictions to create a charter. The idea is for local governments to collect the benefits and earnings on large municipal accounts that Wall Street is taking now. Unlike private banks, which prioritize shareholder returns, a public bank could consider community needs in its decisions, Underland said.

Monday, March 11, 2019

By Victor Tence -  San Francisco Examiner

Legislation introduced Monday could lay down the foundations for the creation of public banks in California and provide an alternative to San Francisco’s use of profit-driven commercial banks.

Currently there are no public banks in California, and no legal avenues to create one. But Assemblymembers David Chiu, D-San Francisco, and Miguel Santiago, D-Los Angeles, hope to change that with the introduction of Assembly Bill 857, which would allow jurisdictions to create public banks through a charter process.

The idea of a publicly-owned bank has gained traction in recent years as advocates and elected officials have called upon The City to divest its $11 billion budget out of commercial banks and into community centered projects that would better reflect San Francisco values.

Monday, March 11, 2019

BY Andrew Sheeler - The Sacramento Bee

Two California Democratic lawmakers have introduced a bill that would develop a state-owned banking system, modeling it on a program run by one of the smallest states in the union.

California Assemblymen Miguel Santiago, D-Los Angeles, and David Chiu, D-San Francisco, have introduced Assembly Bill 857, which would enable local governments to charter their own public banks.

North Dakota, with a population of fewer than 1 million people, has America’s only state-owned bank. The Bank of North Dakota this year is celebrating its centennial anniversary.

Santiago and Chiu would bring a similar system to California’s 39 million residents, arguing that a public institution might better serve the interest of low- and moderate-income households.

Monday, March 11, 2019

1919년 대한제국 곳곳의 거리에서 울려퍼지던 ‘대한독립 만세’ 함성이 100년이 지난 2019년 LA 한인타운 윌셔가에서 다시 한 번 울려퍼졌다.

9일 오후 2시 LA 한인타운 윌셔와 노르만디 애비뉴 교차지점에서는 LA 한인회, LA 한인상공회의소, 민주평통 LA, 남가주기독교교회협의회 등 40여개 이상의 LA 지역 한인 단체들과 퍼레이드에 참여하기 위해 거리로 나온 시민들로 북적였다.

1919년 3.1운동 당시를 재현한 창작무용 “그날의 함성 잊지않으리”가 윌셔가 도로 위에 펼쳐지며 시작된 퍼레이드 선두에는 LA 범동포준비위원회 로라 전 대회장, 권영신 준비위원장, 이 석 황실문화재단 이사장, 데이빗 류 LA 시의원, 김완중 LA 총영사 등이 참석해 행진을 이끌었다.

그랜드마샬로 참석한 랄프 안 내외는 재미헌병전우회가 이끄는 오픈카를 타고 퍼레이드에 합류해 옥스포드 애비뉴를 향했으며 유관순 열사 복장을 맞춰 입고 참가한 미주 3.1 여성동지회와 3.1청소년단, 김동석 교수 등 다양한 한인단체들과 시민들이 그 뒤를 이었다.

퍼레이드 종료지점인 옥스포드 길에 마련된 무대에서는 고르예술단과 3.1 청소년부, 김응화 무용단이 화려한 퍼포먼스를 선보였으며 행사 중간에는 김은진 페이퍼 아트작가와 500여명의 한인 봉사자들이 3.1운동이 시작된 1919년을 기념해 한반도 모형으로 수놓은 1,919개 송이의 무궁화 페이퍼 플라워 전시로 3.1운동 100주년의 의미를 더했다.

Monday, March 11, 2019

By My News LA

Although his efforts to lead the creation of a public bank in Los Angeles fizzled out when voters rejected the proposal in November, City Council President Herb Wesson expressed support Monday for state legislation that seeks to develop a public banking system in California.

Wesson said he envisioned that a local public bank would “give small loans to small entrepreneurs, a bank that’s main bottom line is going to be to make our community a better place.”

Monday, March 11, 2019

The Public Banking Act Aims to Give California Cities Financial Freedom from Wall Street

Sacramento, CA – California State Assemblymember Miguel Santiago (D-Los Angeles) and Assemblymember David Chiu (D-San Francisco) are joint-authoring AB 857, to green-light the development of a public banking system in California. Under the current financial system, California’s resources generate profits for wealthy investors on Wall Street. A public banking system would see those dollars reinvested into projects that benefit communities.