Press Releases

Thursday, May 30, 2019

Los Angeles, CA – In an historic move, the California State Assembly this morning upheld a bill to allow cities and counties to start their own public banks and divest from big Wall Street banks. This marks the first time in California history the legislature of the 5th largest economy in the world has moved forward a bill enabling local governments to create their own public banking option. The measure, joint-authored by Assemblymember Miguel Santiago (D-Los Angeles) and David Chiu (D-San Francisco) passed on a 41 to 29 vote.

Wednesday, May 29, 2019

Sacramento, CA – The California Legislature just took a giant step closer to providing students with a second year of tuition-free community college.  The measure passed with strong bipartisan support.                                                                                                                                                                    

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.

Sunday, May 12, 2019

Los Angeles, CA - California Assemblyman Miguel Santiago (D-Los Angeles) talks to Fox 11 News In Depth’s Hal Eisner about AB-2, a new bill to make the second year of Community College free for first-time, full-time students. Santiago helped pass another bill last year – signed by then Governor Jerry Brown – to make the first year of Community College free to most students. 

Wednesday, May 8, 2019

LOS ANGELES, Calif. (FOX 11) - Sam Herbert is graduating high school this year. You know what that means? He just went through a college visiting tour of some 15 colleges across the country. He and his dad, Joe, came to the realization that money was an issue. For many families that's the case. 

Assemblyman Miguel Santiago is the force behind AB2; an assembly bill to provide two years of community college FREE for first time community college students. To Jerry Lucido, a USC professor who has researched things like college admission trends that's a good idea. Then a community college student can move to a four-year school for the last two years. To him, it's important for potential college students to know what they want to do as opposed to where they want to go. 

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.”