AB 750 - Vetoed? - PBI News Alert

It’s not at all clear whether Governor Brown will support AB 750, the bill to establish a commission that studies the merits of California owning its own bank.  As a matter of fact, there’s a problem.  Governor Brown has  recently gone on record as not being

willing to support any new commission in Sacramento.  AB 750 calls for a temporary commission, but this very well may keep him from signing this bill.

I’m certainly not a negative person, but the reality is that this bill is not going to become law unless the people on this mailing list form an instant lobby over the next 2-3 weeks.  Face it, there is not built-in “public banking” lobby — unless it’s us.  And we have no media help, no paid lobbyists, very little money, and we’re taking on the most well-financed lobby in the history of the United States! 

However, we do have a powerful idea — every state should have it’s own bank, beginning with California, in order to use its own good credit to create jobs, invest in industries, and provide standards for private banks – so they never again lead our economy over the cliff like they did three years ago!  North Dakota has led the way – all we have to do is copy their very good idea.

This may be obvious to you and to me, but we need to press the Governor’s office.  Many of you may not have contacted him.  Do it today.  If you have contacted him, do it again.  Everybody, forward this to your friends/family (see forwarding link on the bottom left) and get the word out that we want to use our credit to create good jobs in California.  To do this we need a state-owned bank and a Commission will build consensus around this idea.  But, let’s face it, the time to start was 3 years ago, when the crisis began!

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. 

The article below makes the connection between this bill and how we can create over 350,000 jobs in California simply by using Bank of North Dakota’s commercial lending program.  California has plenty of credit to do this and simply needs a banking model to turn this credit into loans.  With a 12% unemployment rate, it’s time we created some jobs with the credit we already have.

Thank you for getting more involved.  We need your help.
 

Marc Armstrong
Executive Director
Public Banking Institute
[email protected]