CA State Bank campaign launches as AB 2243 passes two Assembly committees!
CPBA Admin
April 28, 2026
  California State Bank campaign kicks off as AB 2243 clears two Assembly committeesBig Earth Day launch for AB 2243, the California State Bank Act, with a powerful statewide coalition, putting the power of money back in the hands of CA communities.Just last week, AB 2243 passed the Assembly Banking & Finance Committee, following its earlier passage in the Assembly Economic Development, Growth, and Housing Impact Committee. This is major momentum, especially in the face of Wall Street opposition. At its core, AB 2243 is about cutting borrowing costs, keeping billions in-state, and financing affordable housing, climate, infrastructure projects, and small businesses. It’s a major step toward a public finance system that works for Californians. Speakers included Assemblymember Matt Haney, Assemblymember Ash Kalra, Trinity Tran, Michael Tubbs, Max Vargas, Tristan Brown, and Dr. Flojaune Cofer. Thanks to partners including End Poverty in California, The Greenlining Institute, California Federation of Teachers, AFT, AFL-CIO, Sacramento Congregations Area Together (SacACT), Third Act Sacramento, Sacramento Climate Coalition, 350 Sacramento, Singing Resistance, Indivisible California: StateStrong, Friends of the Earth, and the California Public Banking Alliance network for showing up in force. Read the press release. See more photos in our event album. Join more than 120 organizations endorsing AB 2243. Sign on here! California Democratic Party Delegates, add your name here.   _______________________________________________________________________________________ Watch the 60-second highlight reels!Assemblymember Matt Haney (San Francisco) on AB 2243 says California sends ~$4B a year to Wall Street in interest while communities struggle, this bill builds a path to keep public money working here, cut costs, and invest in what Californians need. Watch Asm. Haney (1 min) Instagram | YouTubeAssemblymember Ash Kalra (San Jose) joint author of AB 2243: California pays millions in fees and near-double interest to private banks while key needs go unfunded, this bill charts a state bank to cut costs and reinvest public money back into communities. Watch Asm. Kalra (1 min) Instagram | YouTube. Trinity Tran, CPBA’s Executive Director, breaks it down. A public bank uses the same leverage as private banks to multiply public dollars, turning $100M into $1B, but directs that money into homes and schools instead of private profit. Watch Trinity Youtube. Michael Tubbs, Founder of End Poverty in California co-sponsor of AB 2243, points to the contradiction: a 4th-largest economy with high poverty, a California State Bank keeps public money working for Californians. Watch Michael Instagram | YouTube. Tristan Brown, Legislative Director for CFT – A Union of Educators and Classified Professionals representing over 120,000 educators, calls compound interest the “8th wonder of the world.” These tools create massive wealth but it mostly compounds for Wall Street, not our schools. Watch Tristan Instagram | YouTube. Max Vargas, President and CEO of The Greenlining Institute and co-sponsor of AB 2243 said redlining’s legacy still hits communities of color hardest. California can choose to invest directly in communities and build a state bank that leaves no one behind. Watch Max Instagram. Dr. Flojaune Cofer, Epidemiologist and Leader with co-sponsor Sacramento Area Congregations Together (SacACT) and Sacramento Climate Coalition, emphasized our bill is bigger than banking, it’s about aligning California’s money with its values to build health, stability, and shared prosperity. Watch Flo Instagram | YouTube. _______________________________________________________________________________________ AB 2243 passes two Assembly committees!Assemblymember Matt Haney led two back-to-back hearings on the California State Bank. In the Assembly Banking Committee, he was joined by our expert witnesses, including Jennifer Finger of the California Public Banking Alliance, who testified in support of AB 2243. A retired banker with over 35 years of experience across institutions like Bank of America, community banks, and Beneficial State Bank, she brought deep industry insight to the discussion.The bill passed out of the Assembly Banking Committee on April 23, following its passage out of the Assembly Economic Development Committee on April 14.  Tristan Brown, the California Federation of Teachers’ Legislative Director, delivered expert testimony in support of AB 2243. Tristan calls out compound interest as “the 8th wonder of the world.” It builds wealth, but mostly for Wall Street. A public bank is about using those same tools to invest back into our communities into workforce housing, schools, services, and the things people actually need.  Watch the April 23, 2026 Assembly Banking & Finance Committee hearing for AB 2243, including Asm. Haney’s testimony, starting at minute 40.Onto the Appropriations Committee next! _______________________________________________________________________________________ California Public Banking Alliance in the NewsThe Forge – Lessons From Fights For Public Control of Banking and Broadband InfrastructureCorporate monopolies don’t just control what we buy, they control the infrastructure that connects and sustains our communities. But people are fighting back. We’re thrilled to be part of “The Corporate Power of It All,” a special edition from Liberation in a Generation and The Forge. In the conversation, CPBA’s Executive Director Trinity Tran breaks down how communities are organizing for public banking and building alternatives to corporate control. Trinity joins hands with Sean Gonsalves to link two services that we all depend on, banking and the internet. This comprehensive interview shows why government should offer essential services like these that can return profits to the people rather than elite shareholders. Read the article here.  Shelterforce – How Public Banks Can Meet Public Needs CPBA’s Trinity Tran and Dan Pelegero are part of a national conversation in Shelterforce with public banking leaders across the country. The piece highlights how the California Public Banking Alliance is building a public financial ecosystem, public banks to finance community priorities, alongside CalAccount to ensure people can actually access it. Read the article here. _______________________________________________________________________________________  Join the Movement!Volunteer with us or message us at team@capublicbanking.org to learn more! |
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