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.
“It’s pretty obvious that the Wall Street system of wealth distribution has created an income inequality crisis,” said Assemblymember Santiago. “And nowhere is that more visible than right here in my district, where luxury condos loom over Skid Row. Instead of making rich men even richer, our resources should be invested in community development: parks and green spaces, free community college, new schools, smooth roads, and cleaner air. With AB 857 we’re laying the groundwork for a financial system that will give Californians access to capital they can afford, and empower communities to invest in projects that improve everyone’s quality of life.”