California’s Working Families Support the Public Banking Act

Friday, April 19, 2019

Los Angeles, CA – AB 857, the Public Banking Act, earned yet another major endorsement this week. The Service Employees International Union (SEIU) California, which represents some 700,000 hardworking families across the entire state, today announced its support of the measure.

Bob Schoonover, President of SEIU CA and SEIU Local 721, says the workers he represents have been cheated by corporate banks on Wall Street whose sole interest is in protecting their bottom line at the expense of everyday Californians:

California workers have a very different set of values from the Wall Street banks that rip us off with predatory loans, unfair foreclosures, and exorbitant fees. SEIU workers in California are proud to support AB 857 so workers can choose a financial partner we can trust to invest money in affordable homes, high-quality jobs, and supporting the California Dream for our children,” Schoonover said.

SEIU California’s endorsement represents broad support from hundreds of thousands of working families in all 58 counties across the state. They are social workers, nurses, classroom aides, state workers, security officers, college professors, home care workers, janitors, and more.

AB 857 is joint-authored by Assemblymember Miguel Santiago (D-Los Angeles) and Assemblymember David Chiu (D-San Francisco).

SEIU CA joins unprecedented support for the Public Banking Act, including:
-    California Nurses Association
-    AFSCME Council 57
-    Alliance of Californians for Community Empowerment
-    Los Angeles County Democratic Party (LACDP)
-    Democratic Party of the San Fernando Valley (DPSFV)
-    Asian Pacific Environmental Network
-    California Public Banking Alliance
-    City of Los Angeles
-    City of San Jose
-    City of San Francisco
-    Our Revolution Long Beach
-    San Francisco Berniecrats
-    Courage Campaign
-    Indivisible CA-33
-    Indivisible Los Angeles CA -43
-    Indivisible East Bay
-    Our Revolution Long Beach
-    Orange County Public Banking Coalition
-    People for Public Banking Santa Cruz
-    Progressive Asian Network for Action
-    Public Bank East Bay
-    Public Bank Los Angeles
-    Public Bank San Diego
-    Public Bank Santa Barbara
-    Public Banking Institute
-    SoCal 350
-    Sunrise Movement Los Angeles
-    We the People – San Diego
-    Women’s International League for Peace and Freedom

More Information:                                 
Fact Sheet
Bill Language
California Eyes Public Banks as Break from Wall Street

Assemblymember Miguel Santiago is the Chair of the Assembly’s Communications and Conveyance Committee, and a member of both the Assembly Public Safety Committee and the California Latino Legislative Caucus. He represents the 53rd District composed of the cities of Los Angeles, Huntington Park, and Vernon.