Discover and read the best of Twitter Threads about #AB857
Most recents (6)
BREAKING! Back-to-back wins in CA & LA. Los Angeles City Council unanimously approves motion authorizing public bank action plan, the 1st municipal bank in the US. #PublicBankLA will reinvest profits in the public interest, putting the power of capital in the hands of the people. 
Public banks are lending and depository institutions owned and managed by a local government in the public interest. They leverage public funds to create credit that serves the public, from infrastructure projects to small business loans, social housing, green projects, and more.
The LA public bank will keep capital local by investing in community enterprises and public projects. By increasing the availability of productive capital, public banks give cities access to more funding,empowering citizens to transform their local economies for the greater good.
Our Green jobs report combines BLS employment data with @HIPinvestor company ratings to determine how green or how extractive an industry is
Thread: Thanks to the work of #PublicBank activists, we are bringing the Public Banking conversation to Long Beach city council. Tomorrow (Tuesday) at 5pm, we will be encouraging city council to ask the City Manager to conduct a feasibility study on Public Banking in Long Beach.
This is the 1st major step in making a #LongBeachPublicBank a reality. Here’s an excerpt of the letter that @fightdenial and I sent to every city council member: Last year, the Public Banking Act (#AB857) was passed in the CA legislature and was signed into law by Gov Newsom.
This bill was supported by @AsmPatODonnell and @SenGonzalez_33. #AB857 allows local governments to apply for a banking charter from the Department of Business Oversight (DBO) to establish a public bank.
Jargon, acronyms, and technical language can exclude people who want to get involved. The following thread might help anyone interested in #PublicBanksNow
DBO
California Department of Business Oversight
Headquartered in Sacramento they issue business licenses and bank charters in California.
Their job is to make sure that businesses don’t fail.
@CaliforniaDBO
California Department of Business Oversight
Headquartered in Sacramento they issue business licenses and bank charters in California.
Their job is to make sure that businesses don’t fail.
@CaliforniaDBO
When people ask me “what do you write about?” Generally I typically say something like “economic revitalization for historically disinvested communities.”
But that of course still encompasses many things. Here is a thread of one of those things: shifting the flow of capital.
But that of course still encompasses many things. Here is a thread of one of those things: shifting the flow of capital.
Shifting the flow of capital also encompasses many things, but it’s definitely one of the common threads that runs through my work. It's about cities or communities gaining access to or influencing large, existing pools of capital that typically ignore their needs.
Retirement assets are one of the biggest pools of capital out there, with more than $27 trillion in public and private retirement program accounts. Here’s a story I wrote about how a tiny but growing slice of those assets are financing affordable housing nextcity.org/daily/entry/tr…
People across California are telling Wall Street that we want local control over our money. We want #PublicBanksNow. Tell Sacramento- Yes on #AB857!
#AB857 creates partnerships with community banks and credit unions. #PublicBanksNow won’t compete with them, it will boost them up.
.@SantiagoAD53 & @DavidChiu made sure that #AB857 is enabling, not a mandate. If your city isn’t ready for #PublicBanksNow, they won’t be required. Some parts of California want to try it, others might not.
