Public Banking Initiative Update
The DSAāSB steering committee supports the concept of Public Banks.
Rather than depositing public funds ā our local-government tax and fees revenues ā into Wall St. megabanks for the purpose of enriching their already-wealthy investors and investing in high-risk, speculative investments and noxious projects like fossil fuel infrastructure, private prisons, etc., a local public bank subject to heightened regulation will enable well-defined local control over how those public funds are invested, will save large amounts in banking fees and will enable the interest earned on deposits and loans to keep local governments fiscally healthy.
A public bank will enable emergency loans to local banks and credit unions when necessary, will enable low-interest loans to small businesses that benefit the community, along with public projects that enhance the quality of life of the community, like affordable housing, public school construction, public parks development, clean/renewable energy infrastructure, etc.
This initiative has already been authorized by state law. The California State Legislature passed and Governor Newsom signed AB 857 (Public Banks) in 2019. LA Times 10/2/19. There is demonstrable local support for this initiative: earlier this month the Santa Barbara County Board of Supervisors passed 4-1 a resolution of support for a central coast public bank viability study, and committed $25k for the study in conjunction with four other central coast counties. SB County Board of Supervisors 5/4/21. For more information, go to:Ā
People for Public Banking Central Coast
California Public Banking Alliance
Public Banking Institute ā recovery from CovidĀ
Now that the County Board of Supervisors have adopted our resolution of support for a viability study to establish a Public Bank, we are now urging Mayor Murillo and the Santa Barbara City Council to adopt a similar resolution of support. If you agree, please write to the mayor and city council, and urge support for public banking. Contact SB City CouncilĀ
Contact John Douglas at [email protected] for more information, documents.
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