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Bernie Sanders Endorses the Public Banking Act!

Democratic presidential candidate Sen. Bernie Sanders announced his support for California’s Public Banking Act (AB 857) this morning, sharing a Twitter post from the California Public Banking Alliance just days ahead of the bill’s final Senate committee vote.

“It makes a lot more sense to me for cities and states to establish banks that invest in local communities instead of handing over taxpayer dollars to Wall Street banks whose business model is fraud,” Sanders wrote on Twitter.

Sanders retweeted a post from the California Public Banking Alliance (CPBA), the sponsor of AB 857, which represents public banking activists across 10 cities and regions in the state.

Sanders’ support comes after a week of endorsements from city governments, labor, environmental groups, and Democratic central committees, including Alameda, Monterey, San Mateo, and Sonoma County Democratic Parties. AB 857 has been endorsed by the California Democratic Party and the Contra Costa, Fresno, Los Angeles, San Francisco, Santa Clara and Santa Cruz County Democratic Parties.

AB 857, authored by Assemblymembers David Chiu (SF) and Miguel Santiago (LA), directs the state to establish charter requirements that will guarantee the safety of public funds so cities and counties can open public banks. Currently, local jurisdictions are forced by the limitations of local banks and credit unions to entrust their funds to the same Wall Street banks which drove the U.S. and global economies to the edge of collapse in 2008 through greedy speculation and widespread mortgage fraud.

Under the public banking model, public dollars that currently fund Wall Street favorites like oil pipelines, private prisons and luxury housing developments will be diverted to supporting community needs like affordable housing and green infrastructure.

The Public Banking Act has already passed five of six committees needed in the state Assembly and Senate. It is expected to move through Senate Appropriations by the end of the month, then will go back to both houses for final confirmation by September 13.

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