Press Releases

Friday, May 17, 2019

Los Angeles, CA – Having just crossed a notoriously difficult hurdle in the Assembly Appropriations Committee, the Public Banking Act (AB 857) is up for a full vote on the Assembly floor. This marks the third committee to give the bill its stamp of approval, despite heavy opposition from Wall Street’s biggest banks.

Thursday, May 2, 2019

The Santa Clara County Board of Supervisors on Tuesday unanimously voted to explore the legality of creating a county-operated public bank in support of a California bill that, if passed, will allow local governments to form their own banks.

Advocates say that public banks would help strengthen local institutions, keep public money within the local economy and finance public projects.

“Public banks not only save taxpayer money, but they can also make money,” added Santa Clara resident Judy Young. “Bankers know their customers as opposed to big banks that are so far removed by their customers they don’t really know what the risk is. With a local public bank, you know what the risk is with a customer. It would also make sound investments in local community projects and keep money circulating in the local economy.”

Thursday, May 2, 2019

On Tuesday morning, the Los Angeles City Council passed a resolution introduced by LA City Council President Herb J. Wesson in support of AB 857 – a bill to give California cities and municipalities the option to start their own public bank.

“Californians from the grassroots to the halls of power are weary of a corporate banking system that doesn’t work for them. Wall Street needs people-powered competition, and a public bank for public good is the right place to start. Council President Herb Wesson has been a bold champion of public banks for many years, and I couldn’t be more grateful for his leadership and the support we’ve seen from so many others across the state.”

Thursday, May 2, 2019

The newly elected California governor, Gavin Newsom, has expressed strong interest both in a state-owned bank and in the IBank approach. In Los Angeles, the City Council brought a measure for a city-owned bank that won 44% of the vote in November, and City Council President Herb Wesson has stated that the measure will be brought again. Where there is the political will, policymakers generally find a way.

The bill, which has broad grassroots support, would “authorize the lending of public credit to public banks and authorize public ownership of stock in public banks for the purpose of achieving cost savings, strengthening local economies, supporting community economic development, and addressing infrastructure and housing needs for localities.”

Thursday, May 2, 2019

The city of Los Angeles and the city and county of San Francisco on Tuesday approved support for an assembly bill that would allow local governments to form their own public banks.

Having the two highest-profile cities in the state show support is a sign that a “coalition is coming together,” said Jonathan Underland, communications director for Assemblyman Miguel Santiago, D-Los Angeles, who, along with Assemblyman David Chiu, D-San Francisco, introduced Assembly Bill 857 in March.

“We want cities and counties to have the ability to create a public bank if that makes the most sense for their constituents,” Underland said. “Now, we don’t have the ability to even consider it. It is a local control bill. It would allow municipalities to experiment with this. It gives cities the opportunity to explore this.”

Thursday, May 2, 2019

BAKERSFIELD, Calif. (KBAK/KBFX) — A new bill is looking to toughen the law surrounding nurse-to-patient ratio laws. Lawmakers say the bill is a way to ensure patient safety and care, but hospitals don't think it's needed.

The bill would enforce California's existing law regarding mandated nurse to patient ratios by imposing large fines if the hospitals fall short.

"It's not a secret that our healthcare system is breaking. that's not a secret to anyone. And it's not a secret that we know that hospitals are doing everything they possibly can to hold onto profits instead of helping people," said Assemblyman Miguel Santiago.

 

 

Wednesday, May 1, 2019

Los Angeles, CA – On Tuesday morning, the Los Angeles City Council passed a resolution introduced by LA City Council President Herb J. Wesson in support of AB 857 – a bill to give California cities and municipalities the option to start their own public bank. Arguing for the measure, City Council President Wesson had this to say: