AB 750 Final Hurdle - Will Gov. Brown Sign? - PBI News Alert

At the end of August we were afraid that AB 750, the bill that will establish a blue ribbon commission that will study the idea of California owning its own bank,would be ignored by the California Senate Appropriations Committee.  PBI asked public banking supporters to contact the Chairwoman, Senator Kehoe, and to request that she supports the bill by letting it pass to the floor of the Senate for a vote.  Our concern was that AB 750  would languish in her

committee and die at the end of the legislative year, ending today.

When it was made into a 2 year bill, we were hesitant.  “It’s been iced” is the phrase that came to mind and, frankly, we did not know what else to make of it since it would simply be rolled over until next January.  However, last night came word that, in rapid succession, AB 750 was released from the Committee and then passed on the Senate floor. 

We congratulate Assembly Member Hueso, his staff, and Senate Leadership for putting California one step closer to creating manufacturing – and other – jobs with affordable loans through the existing network of California community banks. 

The bill was introduced this evening to the Assembly by the author, Ben Hueso, as “It’s not a passing fad – it’s not a pair of tight fitting jeans.  It’s a pair of construction boots.”  It passed the Assembly and now goes to the Governor for his signature.  

Of course we hope Governor Brown signs the bill, but we cannot take any chances.  He will face tremendous pressure from the California Bankers Association and other powerful interests. 

If you live in California, will you phone and/or write Governor Brown, ask him to sign AB 750, and let him know that “what we really want is for manufacturing and other jobs to be created by putting into place affordable lending programs with a state-owned bank. We want our products – and our credit – to be Made in California.“ 

At this point, this is a very important message for him to hear.  We can do this again, just like many of us did in August!  Governor Brown’s contact information is:

Governor Jerry Brown
c/o State Capitol, Suite 1173
Sacramento, CA 95814
Phone: (916) 445-2841 
Fax: (916) 558-3160

Or send an email via this link.  Please ask your friends to contact Gov. Brown and lend their voices to this important cause.

Meanwhile, if you support public banking, please consider providing us with your financial support.  We’ve made it through the last 8 months on a budget of less than $7K, plus major time commitments from our dedicated volunteers.  It would be great if we could increase our activities to include travel, speaking engagements, and working in select areas of the country to educate and consult with local efforts.  We can only do this with your financial support and are having to decline participation because of lack of funds.  Thank you.

Look for our “Public Banking in America: Legislative Guide, Fall Edition” later in September.  It is something you can send to State Legislators in other states!
 

Marc Armstrong
Executive Director
Public Banking Institute
[email protected]