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California Democratic Party Endorses Public Banking Act

For immediate release:

Los Angeles, CA – Delegates to the California Democratic Party endorsed AB 857 – the Public Banking Act – during a Party convention in San Francisco over the weekend. The measure would give local governments throughout California the option to create their own public bank – and it passed through the organization’s Legislative Committee with no opposition.                                                                                                                   

Assemblymember Miguel Santiago (D-Los Angeles), joint-author of the measure, responded: “Supporting the creation of pubic banks is part of the California Democratic Party platform for a reason. Too many in our communities have been disenfranchised by a corporate banking industry that sucks the m wealth out of hardworking families’ pockets and distributes it to a handful of multi-billionaires. I’m thrilled to see one of the most progressive Democratic Parties in the nation supporting a measure that benefits all Californians, no matter what their political party might be.”

“I am thrilled that the California Democratic Party recognized that the public’s money should be used for the public good,” said Assemblymember David Chiu (D-San Francisco). “Time and time again, our country’s biggest banks have invested our money in institutions most Californians are opposed to–oil pipelines, gun manufacturers, private prisons, and companies with unfair labor practices. This legislation makes the first step towards ensuring the public’s money is reinvested in our local communities, where it will benefit everyone regardless of party affiliation.”                  

Trinity Tran, founding member of the California Public Banking Alliance, added, “The California Democratic Party’s endorsement of the Public Banking Act AB 857 shows bold, progressive leadership. This is a critical moment for California to lead the way in transitioning from a private model of financial extraction to one of sustainable growth and regeneration."

Over recent months, the joint-authors of AB 857 – Assemblymember Miguel Santiago and Assemblymember David Chiu – built a strong coalition of coauthors who helped vote the measure off the Assembly floor last week. Those members include:

  • Assemblywoman Lorena Gonzalez (D-San Diego)
  • Assemblymember Ash Kalra (D-San Jose)
  • Assemblymember Mark Stone (D-Monterey Bay)
  • Assemblymember Phil Ting (D-San Francisco)
  • Assemblymember Buffy Wicks (D-Oakland)
  • Assemblymember Rob Bonta (D-Oakland)
  • Assemblymember Wendy Carrillo (D-Los Angeles)
  • Assemblymember Kansen Chiu (D-San Jose)
  • Assemblymember Kevin McCarty (D-Sacramento)
  • Assemblymember Luz Rivas (D-Arleta)
  • Senator Jim Beall (D-San Jose)
  • Senator Nancy Skinner (D-Berkeley)
  • Senator Scott Wiener (D-San Francisco)
  • Senator Bob Wieckowski (D-Fremont)

Unprecedented Support for AB 857 (The Public Banking Act):

California Public Banking Alliance [SPONSOR]
Our Revolution
American Federation of State, County and Municipal Employees (AFSCME) California
American Federation of State, County and Municipal Employees (AFSCME) Council 57
American Postal Workers Union (APWU), AFL-CIO
Alliance for Community Transit – Los Angeles (ACT-LA)
Alliance of Californians for Community Empowerment (ACCE) Action
American Federation of Teachers (AFT) CFT/AFT, AFL- CIO, Local 1931
American Federation of Teachers (AFT) CFT/AFT, AFL- CIO, Local 2121
American Indian Movement (AIM) SoCal
Asian Pacific Environmental Network
Backbone Campaign
Beneficial State Foundation
California Community Land Trust Network (CACLTN)
California Democratic Party
California Democratic Party – Over 500 Delegates
California Environmental Justice Alliance (CEJA)
California Faculty Association, San Francisco State University (SFCSU)
California for Progress
California Labor Federation
California Native Vote Project
California Nurses Association (CNA)/ National Nurses United (NNU), AFL-CIO
California Progressive Alliance
California Reinvestment Coalition
Campaign for Sustainable Transportation – Santa Cruz
Center for Community Action and Environmental Justice (CCAEJ)
Center for Farmworker Families
City and County of San Francisco
City of Berkeley
City of Eureka
City of Huntington Park
City of Long Beach
City of Los Angeles
City of Oakland
City of Richmond
City of San Diego
Coleman Advocates for Children and Youth
Communities for a Better Environment
Community Financial Resources
Consumers for Auto Reliability and Safety (CARS)
Cooperation Humboldt – Eureka
Cooperative Center Federal Credit Union
County of Santa Clara
County of Santa Cruz
Courage Campaign
Democracy Collaborative
Democratic Party of San Fernando Valley (DPSFV)
Democratic Socialists of America – Los Angeles (DSA-LA)
Divest LA
Fossil Free California
Friends of Public Banking Santa Rosa
Friends of the Earth
Green Party of California
Green Party of Santa Clara County
Healthcare for All – California
Hollywood NOW
Hubert H. Humphrey Democratic Club
Idle No More – San Francisco Bay
Indivisible CA-33
Indivisible California Green Team
Indivisible California: StateStrong
Indivisible Los Angeles CA-43
Indivisible East Bay
Lawyers’ Committee for Civil Rights of the San Francisco Bay Area
Local Clean Energy Alliance
Los Angeles County Democratic Party (LACDP)
Media Alliance
McGee-Spaulding Neighbors in Action
National Nurses United (NNU)
North Bay Labor Council (NBLC), AFL-CIO
NAACP – Santa Cruz
Oakland Educators Association
Orange County Poor Peoples’ Campaign
Our Green Challenge
Our Revolution Long Beach
Peace and Freedom Party
People for Public Banking Santa Cruz
People Organizing to Demand Environmental and Economic Rights (PODER)
People’s Democratic Club of Santa Cruz County
Progressive Asian Network for Action (PANA)
Public Bank East Bay
Public Bank Los Angeles
Public Bank San Diego
Public Bank Santa Barbara
Public Banking Institute (PBI)
Resist – Northridge, Indivisible
Revolution Los Angeles
San Francisco Berniecrats
San Francisco Living Wage Coalition
San Francisco Public Bank Coalition
San Francisco Rising
Santa Cruz Climate Action Network
Santa Monica Democratic Club
Service Employees International Union (SEIU) California
SoCal 350 Climate Action
South Bay Progressive Alliance
South Beach District 6 Democratic Club of San Francisco
Sunrise Movement – Bay Area
Sunrise Movement – Los Angeles
Sustainable Economies Law Center
United Educators of San Francisco
United Food and Commercial Workers (UFCW) Local 5
United Food and Commercial Workers (UFCW) Western States Council
Women’s International League for Peace and Freedom
We The People – San Diego
Wellstone Democratic Renewal Club
YIMBY Democrats of San Diego County
350 Bay Area Action
350 Conejo / San Fernando Valley
350 Riverside
350 Santa Cruz
350 Silicon Valley
350 Sonoma
350 South Bay Los Angeles

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.