Public bank advocacy groups from cities across California have joined to form the California Public Banking Alliance, a coalition to advance legislation that would make it easier to establish municipal banks statewide under a special state charter.
A press release by Public Bank Los Angeles, one of its founding advocacy groups, notes that 15 pieces of legislation for public banks are being explored in the U.S. through municipal committees and state legislators, and more than three dozen public banking movements are growing across the country. San Francisco has created a 16-person Municipal Bank Feasibility Task Force; Seattle and Washington, D.C., have approved $100,000 each for public banking feasibility studies; and Washington state legislators have added nearly $500,000 to their budget to produce a business plan for a public depository bank. New Jersey state legislators, with the backing of Gov. Phil Murphy, have introduced a bill to form a state-owned bank, and GOP and Democratic lawmakers in Michigan have filed a bipartisan bill to create one in that state.
Cities and states are seeking ways to better leverage taxpayer dollars and reinvest them in the needs of local communities. Public banking serves that purpose, providing local determination and the opportunity for socially and environmentally responsible lending and investments. The City Council of Los Angeles is now taking it to the voters, and where California goes, the nation may well follow.
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