Action Alert! AB 310: The most important action we can do this year! Today & the next two months!

[Hoai-An Truong]

Dear fellow activists,

It is my conviction we won't be able to transform our economy and infrastructure fast enough to deal with the climate crisis without Public Banking.

If you only answer one of my calls to action this year, let it be this one. This could be THE most important thing we can do this year for relief and recovery from the pandemic, for SOCIAL JUSTICE - AND for climate solutions and mitigation. Please take action TODAY and the next two months. (Public banking is in the Green New Deal, as well.)

Just one of the many advantages of a public bank: Public banking can cut the cost of infrastructure up to HALF. This can be achieved by financing through the city's own bank, eliminating interest paid on bonds and returning the earned interest to the city's own operating budgets. Additionally, a state public bank could save millions in fees paid to Wall Street banks every year. What could cities and counties and states do with the money saved?

If we can get AB 310 passed, funding provided by public banking can help alleviate the tremendous economic distress we are facing in the upcoming months and years due to the pandemic, helping cities and counties fund much needed services. Think of everywhere we need funding as a result of the pandemic, for example: feeding the hungry, helping the homeless, and building affordable housing.

Think of all the climate related projects we need: helping fossil fuel employees retrain for jobs in clean energy, providing incentives for residents and businesses to transition to clean energy, funding the conversion of conventional agriculture to regenerative agriculture to name just a few. ALL of the projects we hold dear need funding, lots of it. Public banking can be a huge part of the solution to our funding crises for years to come.

We have only TWO MONTHS to move this bill through two committees in the Senate, the Senate floor, two committees in the Assembly, and the Assembly floor. Last year we succeeded in getting a related bill AB 857 passed. This year, Wall Street banks are on alert and are planning to oppose AB 310. We need as many organizations and elected representatives on board as possible. Please sign your organizations on.

And unfortunately the California Credit Union League is opposing the bill, probably due to a lack of knowledge of how local banks and credit unions have been proven to thrive in partnership with a public bank. And yet public banks, local banks and credit unions all play a key part in divestment from fossil fuel investments. Public banks allow larger entities such as cities and counties to divest from Wall Street banks, as local banks and credit unions are too small to insure those accounts. We need public banking as institutional divestment. In Germany, public banks fund transitions to clean energy.

California can lead the way - if we succeed in starting a state public bank, we can inspire other states that are also facing huge deficits and huge distress to start one too. Think about it: if Wall Street banks oppose AB 310, we should definitely get AB 310 passed!

Please take urgent action - as urgent as the climate crisis - as individuals and as organizations as outlined below, today and for the next two months.

All hands on deck!

Thank you!

__________

We're in emergency mode. We received word yesterday that Sen. McGuire may not schedule the bill because of Treasurer Fiona Ma and Controller Betty Yee's opposition. We need as many constituents as possible calling into his office today, urging him to schedule AB 310.

We'll share a second call-to-action early next week targeting Ma, Yee and Newsom.

If you have contacts in Hertzberg and Portantino's districts, please share.

Thank you!

__________

Due to COVID-19, legislative session may possibly be curtailed and bills will be tabled unless they are directly COVID related. If you are communicating with legislative offices, it's important to emphasize that AB 310 is a direct response to COVID-19 and a State Public Bank is an important vehicle for relief and recovery for California communities.

URGENT. We're targeting 3 Senators today. For AB 310 to be scheduled for a hearing, it's critical that these 3 Senators receive an outpouring of support from the public, while also relaying AB 310 as a COVID-19 recovery bill.

Even if you are not constituents, we need all Alliance members to make three quick calls TODAY to Senator Mike McGuire, Senator Bob Hertzberg and Senator Anthony Portantino. Some calls may be routed to voicemail, leave a message.

Senator Mike McGuire (Marin to Del Norte County): 916-651-4002

Senator Bob Hertzberg (San Fernando Valley): 916-651-4018
Senator Anthony Portantino (Burbank to Claremont): 916-651-4025

Sample script:

Hi, my name is [Full Name]. I’m calling to ask Senator [ ______ ] to support AB 310. A California State Public Bank is a direct response to the COVID-19 crisis and a crucial engine for economic recovery. This matters to me greatly because a State Bank will provide emergency funding to support our communities and pave the way for California to rebuild from the pandemic. We thank the Senator for supporting last year’s Public Banking Act, and we're counting on him to once again stand with the people, and not Wall Street.

Thank you!

---------- Forwarded message ---------
Date: Thu, Jul 23, 2020 at 12:56 PM
Subject: California State Public Bank Act AB 310 Urgent Action Alert - Contact Senator McGuire Today!

Dear Fellow Community Activists,

Friends of Public Banking Santa Rosa is putting out an urgent call to action today to contact Senator McGuire and ask for his Aye vote on California State Public Bank Act AB 310. This bill will be landing in the Senate Government and Finance committee very soon, which Senator McGuire chairs and it is vital that we have his vote on this very important bill to help ensure its passage.

Below is the most recent newsletter that Friends of Public Banking Santa Rosa sent out this week with further details on the bill and Senator McGuire's contact info.

California State Public Bank Act AB 310 Action Alert! 9 months ago, our members helped pass AB 857, the Public Banking Act, empowering cities and regions to create their own banks. Four months ago, COVID-19 hit. Now state and local government budgets are being devastated by the crisis and shutdowns. With an unprecedented budget shortfall of $54B, California now faces economic catastrophe: public services and public schools will suffer dramatically, and social safety net programs will be drastically curtailed. Hardworking Californians, especially people of color, face looming economic disaster. Our communities are being devastated by the pandemic. We need a bold solution NOW. AB 310 paves the pathway for emergency lending to local governments, small businesses and disenfranchised populations through forming the California State Public Bank. AB 310 uses a small portion of the state’s checking account, the Pooled Money Investment Account (PMIA), to significantly expand funding for local governments to support our communities when we need it most. The State Public Bank will leverage existing funds, up to ten times, providing emergency financial assistance needed to rescue Main Street. Without a State Public Bank, California COVID recovery will take years longer and cost taxpayers much more. Wall Street banks have already grabbed over $750 billion in profits while mismanaging the CARES payout. The federal government is prioritizing hedge funds, large corporations, and big bank customers over cities, states, small businesses, and working-class people. California’s money is currently invested in Wall Street banks which use public funds to finance distant and often harmful industries. The State Public Bank can reinvest California’s money in local economies building affordable housing, producing renewable energy, and providing critical community needs with people earning living-wages. With a State Public Bank, we can reinvest, rebuild, recover, and ensure a stronger and more equitable future for all Californians. Call To Action! 1. URGENT! With just a few clicks, send a letter to your CA State Representatives TODAY and let them know: a State Public Bank is the solution to California’s COVID-19 economic crisis! SIGN THIS LETTER: AB 310 Action Network Letter 2. URGENT! If you live in Senator Mike McGuire's district make one quick call and tell everyone you know in your district to call. State your name, zip code, and your message (see sample below). Your voice matters! Senator Mike McGuire (Marin to Del Norte County): 916-651-4002 Sample script: Hi, my name is [Full Name] and I am a constituent from [City, Zip Code]. I’m calling to ask Senator McGuire to support AB 310. A California State Public Bank is a direct response to the COVID-19 crisis and a crucial engine for economic recovery. This matters to me greatly because a State Bank will provide emergency funding to support our communities and pave the way for California to rebuild from the pandemic. We thank the Senator for supporting last year’s Public Banking Act, and we're counting on him to once again stand with the people, and not Wall Street. Visit ab310.org for additional resources. Thank you for your continued support of public banking! Join Us! Contact us at:  publicban...@gmail.com  Website:  http://www.publicbanksantarosa.org View this email as a web page. It's easier to share this newsletter on social media.

Friends of Public Banking Santa Rosa · PO Box 3832 · Santa Rosa, CA 95402 · USA (adding this graphic again, in case it does not come through above)