Economic Justice

Los Angeles City Council Authorizes Public Bank Action Plan

Los Angeles City Council votes to

From Public Bank Los Angeles:

“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 U.S.

#PublicBankLA will reinvest profits in the public interest, putting the power of capital in the hands of the people.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.

(ABOVE, October 5, 2021: PANA members join a press conference shortly after the Los Angeles City Council vote to move forward with a Public Bank action plan)

The City will now solicit proposals to hire a consultant to write the public bank’s business plan, ensuring that the bank will be economically viable. The consultant will engage with community stakeholders to gather input on lending priorities and design a democratic public bank.

This win was a people-powered effort. We did this with the support of @UFCW770 @LALabor @SEIU721 @UNITEHERE11@LADemocrats, coalition leads @LosAngelesFwd @CalOrganize@SunriseMvmtLA @InclusivAction. Thank you to the 100 supporting orgs and electeds, from #MeasureB to now.”

Economic Justice

Gov. Newsom Signs AB 1177, the California Public Banking Option Act!

From the California Public Banking Alliance, October 4, 2021:

AB 1177 Signed Into Law

HISTORIC! Today Governor Gavin Newsom signed AB 1177, the California Public Banking Option Act, a historic step which sets into motion the creation of the nation’s first public banking option. AB 1177 creates the opportunity to transform our financial services system and to center it on the needs of our local communities and build a more inclusive economy.

In the months ahead, the CalAccount Blue Ribbon Commission will convene to conduct a market analysis and to determine the best way to implement the CalAccount program. There will be opportunities for advocates to take part in shaping the CalAccount program and co-hosting public outreach forums.

It’s up to the people to make sure that the CalAccount program reflects our values of equity and inclusion, and that it succeeds in bridging the financial access gap that’s left 1 in 4 Californians, and nearly half of Black and Latino California households unbanked and underbanked. Stay tuned for more updates and opportunities to ensure the success of CalAccount, the nation’s first public banking option program.

We’re proud to stand with 250 racial and economic justice groups, climate justice organizations, labor unions and elected officials who worked tirelessly to make AB 1177 possible. We thank the authors of AB 1177 for their vision and courage to end the discriminatory, predatory high-cost financial services that target low-income communities and communities of color.

AB 1177 was championed by lead author Assemblymember Miguel Santiago, and authors Assemblymembers David Chiu, Ash Kalra, Buffy Wicks, Mike Gipson, Lorena Gonzalez, Wendy Carrillo, Eduardo Garcia, Alex Lee, Phil Ting, and Adrin Nazarian. Co-authors include Assemblymembers Laura Friedman, Reggie Jones-Sawyer, Luz Rivas and Senators Ben Hueso, Maria Elena Durazo, Lena Gonzalez, Scott Wiener, and Josh Newman. We thank the Governor and California State Legislature for their leadership in rebuilding an economy that reflects our California values of equity and inclusion.

Thank you to our fellow co-sponsors of AB 1177, SEIU California and California Reinvestment Coalition and to the Californians who spoke truth to power about the realities of being un/underbanked.

This is the second public bank law the California Public Banking Alliance has won, following the passage of AB 857, the California Public Banking Act, signed by Governor Newsom at the end of 2019. Since the passage of AB 857, legislation to create local and regional public banks is moving forward in city halls across the state.

Thank you for making history with us.

Read the CA Public Banking Alliance press release on the historic AB 1177 win.


Help us amplify the AB 1177 victory to provide universal banking services to all Californians.

Here are sample Twitter and Facebook posts to amplify our win:

AB 1177 Social Media Tool Kit

Thank You, Authors and Co-Authors


The California Public Banking Alliance is a 100% grassroots, volunteer-powered organization.

Please consider donating to support our critical work to revolutionize finance.

With your support, we can make public banking a reality in California.

CA Public Banking Alliance

Economic Justice

Support AB 1177, the California Public Banking Option Act

Why BankCal?

One in two Black and Latino households, and 1 in 4 California households, are currently unbanked or underbanked, meaning that they lack access to basic financial services. The unbanked and underbanked are paying disproportionately more to access the money they earn, lack secure means to save, and have fewer opportunities to build credit.

Unbanked and underbanked Californians lack access to basic financial services we take for granted, such as the direct deposit of paychecks to automatic bill pay and recurrent contributions to their organizations or charities.

BankCal bridges the financial services gap that disproportionately impacts low-income workers and communities of color. By providing zero-cost access to financial services, BankCal reduces the risk of poverty and homelessness facing communities by addressing the financial exclusion of Black, brown, immigrant and low-income people.


If you belong to an organization, or know of one that would like to join the growing list of endorsers of AB 1177, please direct them to this form:

Keep up to date with the AB 1177 Movement:

For more, search: #PublicBank

Digital Toolkit: Share and tweet your support for AB 1177.

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