Standing room only in 93ยฐ+ degree heat at our Public Banking Community Gathering in Sacramento and the room stayed packed. That’s what public banking momentum looks like!
Huge thanks to our speakers Tristan Brown (CFT – California Federation of Teachers), Dawn Basciano (Women Democrats of Sacramento County), Dr. Flo Cofer (Sacramento Climate Coalition), Faye Wilson Kennedy (Poor Peopleโs Campaign), and California Public Banking Allianceโs Trinity Tran for breaking down why California needs a publicly owned bank, and to our dozen co-hosts CFT, Women Democrats of Sacramento County, Sacramento Climate Coalition, 350 Sacramento, Third Act Sacramento, Indivisible Sacramento, Environmental Council of Sacramento (ECOS), Coalition Against Project 2025, The Greenlining Institute, and End Poverty in California for helping make this happen. Sacramento showed up for their communities by demanding to keep our public dollars local.
CPBA leaders from the Central Coast to Los Angeles, from Sacramento to San Francisco, joined the event from across the state.
The state bank campaign keeps moving. More soon!
Trinity Tran, California Public Banking Alliance. Photo: Dan BacherTristan Brown, CFT – California Federation of Teachers. Photo: Dan BacherDr. Flo Cofer, Sacramento Climate Coalition. Photo: Dan BacherFaye Wilson Kennedy, Poor People’s Campaign. Photo: Dan BacherDawn Basciano, Women Democrats of Sacramento County. Photo: CPBADoug MacPherson, California Public Banking Alliance and Sacramento Climate Coalition. Photo: CPBA.
CPBA’s Executive Director Trinity Tran joins Shelterforce‘s Laboratories of Democracy panel to talk public banking and the state & local policies moving the needle on housing and community investment right now:
“Nobody thinks their tax dollars should be making Jamie Dimon richer while our streets are crumbling and our neighborhoods are deteriorating.”
Trinity Tran: Afternoon, everyone. Iโm Trinity Tran, she/her. Iโm the cofounder/executive director of the California Public Banking Alliance and Public Bank LA. We have been laser-focused on building the blueprint for socially and environmentally responsible public banks here in California for years and working with our merry band of heroes with communities and local governments to get this really exciting emerging public policy off the ground. Weโre in a moment right now where this conversation is really critical. Weโre seeing, obviously, federal funding getting gutted on top of local budget deficits, on top of state deficits.
Many of the core funding streams in our communities have been impacted by this fall volatility, from affordable housing, social services, infrastructure. The question and the conversation [is] around how do we pay for it? What can we do at the local level to leverage public resources at scale to be able to build the things we need? That conversation is so relevant, so urgent right now. Thatโs what weโve been organizing around. Right now, cities, counties, states are sitting on hundreds of billions of dollars in public funds. Right now, almost all of it flows to Wall Street banks. They use those funds to generate profit for shareholders while our communities are struggling with basic necessities.
Weโre working to change that here in California. Our grassroots-led team passed the California Public Banking Act, which was the nationโs first law, allowing local governments to form their own public banks. Weโre working with communities and local governments to get these banks off the ground. Weโre also working on the CalAccount program, which, once itโs implemented, [will] be the nationโs first universal banking services program to provide zero-cost, zero-fee, zero-penalty bank accounts for all Californians. Thatโs going to be crucial, especially for the millions of unbanked [or] underbanked folks here in California who are locked out of the system.
Thatโs part of our system-changing work. Weโre trying to move beyond just patching up the faults of the current system and building a new, evolved system that really works for our people and our planet. This is the moment to do this. With all of these converging financial pressuresโfrom the federal level to the state level to the local levelโthis is the exact type of bold solution that we think is needed. [Iโm] looking forward to digging into public banking a bit more in this webinar and why now is the moment for this fight.
The San Francisco Board of Supervisors voted 9-2 Tuesday to place a measure on the November ballot that would be a step towards creating the first city-run public bank in the country.
A public bank would let the city issue low-cost loans to affordable housing developers, small businesses, green infrastructure projects, and other entities that struggle to get loans from traditional banks.
โWe can build a public bank that prioritizes reinvesting back into what we all need to sustain our local communities,โ said Supervisor Chyanne Chen, who sponsored the measure. It will appear on the Nov. 3 ballot and requires more than 50 percent of the vote to pass.
Join South Bay Progressive Alliance and hear Nick Cortez and Jake Tonkel of the California Public Banking Alliance explain what public banking is and how it can stop the grip that the private banking system and their high interest loans have on state and local governments!
June 27 at 3pm Tully Branch Library Community Room 880 Tully Road, San Jose, CA
Californiaโs State Bank Act (AB 2243) passed two Assembly committees and is gaining momentum in the Legislature! The Observer covers the growing movement for public banking in California and the voices helping move this work forward including lead author Assemblymember Matt Haney, Asm. Ash Kalra, Trinity Tran, Michael Tubbs, Max Vargas, Dr. Flojuane Cofer, and coalition leaders across the state.
“Lawmakers, economic justice advocates, and community leaders gathered April 22 at the state Capitol to launchย Assembly Bill 2243, a proposal supporters said could fundamentally change how California finances its public needs.
The bill, led by assemblymembers Matt Haney and Ash Kalra, would create a State Bank Commission to study and develop a plan for a publicly owned state bank.
Speaking at the rally, Kalra framed the effort as a response to widening inequality in one of the worldโs largest economies.”
California pays billions in interest to private lenders while communities struggle with housing, infrastructure, and rising costs. AB 2243 creates a pathway to evaluate how the state can keep more public dollars working locally for Californians.
Assemblymember Matt Haney, AB 2243 author: “We have a cost-of-living crisis, a housing crisis; everywhere you look, people are struggling. If people in our state are working hard and paying taxes, they should be able to expect that those dollars are invested back into their communities.โ
Assemblymember Ash Kalra, CA State Bank Act AB 2243 joint author: โCalifornia currently borrows from private banks. We pay their fees, and they benefit from the interest. When we borrow, we end up paying double, and taxpayers are the ones who bear that cost.โ
Trinity Tran, Executive Director of the California Public Banking Alliance: โCalifornia generates roughly $300 billion in public revenue each year, yet we still pay private banks to finance our own projects. That means billions of dollars are leaving our state year after year.”
Michael Tubbs, former Stockton mayor and founder of End Poverty in California (EPIC): โThere are different visions for California, different ideas about who this economy should work for. If we believe that public money should be used for the public good, then we need to organize and fight for it.โ
Max Vargas, CEO of The Greenlining Institute: โWe have a need of over 1.5 million units of affordable rental housing in California,โ Vargas said. โThatโs just one example of where this financing gap is hurting communities. Public dollars should go further, supporting affordability for all Californians, especially those facing the greatest pressures.”
Dr. Flojuane Cofer, SacACT and Sacramento Climate Coalition leader: โA public bank can help finance what actually keeps people healthy: affordable housing, clean energy, safe water systems and good jobs. This is about whether we have the courage to align our money with our values.โ
The bill already has drawn support from more than 100 organizations statewide, showing a growing coalition pushing for alternatives to traditional banking systems.
California State Bank campaign kicks off as AB 2243 clears two Assembly committees
Big Earth Day launch forย 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,ย 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. Itโs a major step toward a public finance system that works for Californians.
Speakers includedย Assemblymember Matt Haney,ย Assemblymember Ash Kalra,ย Trinity Tran,ย Michael Tubbs,ย Max Vargas,ย Tristan Brown, andย 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.
Assemblymember Matt Haneyย (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)ย Instagramย |ย YouTube
Assemblymember Ash Kalraย (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)ย Instagramย |ย YouTube.
Trinity Tran, CPBAโs 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 Trinityย Youtube.
Michael Tubbs, Founder of End Poverty in California, a 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 ย Instagramย |ย YouTube.
Tristan Brown, Legislative Director for CFT – A Union of Educators and Classified Professionals representing over 120,000 educators, calls compound interest the โ8th wonder of the world.โ These tools create massive wealth but it mostly compounds for Wall Street, not our schools. Watch Tristanย Instagramย |ย YouTube.
Max Vargas, President and CEO of The Greenlining Institute, a co-sponsor of AB 2243, said redliningโs 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 Maxย 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, itโs about aligning Californiaโs money with its values to build health, stability, and shared prosperity. Watch Floย Instagramย |ย YouTube.
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, includingย Jennifer Fingerย of theย 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, theย California Federation of Teachersโ Legislative Director, delivered expert testimony in support of AB 2243. Tristan calls out compound interest as โthe 8th wonder of the world.โ 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 hearingย for AB 2243, including Asm. Haneyโs testimony, starting at minute 40.
Onto the Appropriations Committee next! _______________________________________________________________________________________
California Public Banking Alliance in the News
The Forge – Lessons From Fights For Public Control of Banking and Broadband Infrastructure
Corporate monopolies don’t just control what we buy, they control the infrastructure that connects and sustains our communities. But people are fighting back.
Weโre thrilled to be part of โThe Corporate Power of It All,โ a special edition from Liberation in a Generation and The Forge. In the conversation,ย CPBAโs Executive Director Trinity Tranย 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.
Shelterforce – How Public Banks Can Meet Public Needs
CPBAโs Trinity Tranย andย Dan Pelegeroย 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 articleย here. _______________________________________________________________________________________
Corporate monopolies don’t just control what we buy โ they control the infrastructure that connects and sustains our communities. But people are fighting back.
Weโre thrilled to be part of โThe Corporate Power of It All,โ a special edition from Liberation in a Generation and The Forge. In the conversation, the California Public Banking Alliance’s Trinity Tran breaks down how communities are organizing for public banking and building alternatives to corporate control.
As federal funding streams face cuts, the idea of public banks is gaining ground as a tool for states and localities to finance community development.
As Shelterforce writes, the California Public Banking Alliance is building a public financial ecosystem: public banks to finance community priorities & CalAccount to ensure people can actually access it.
Statewide Rally + Press Conference! April 22 | 12:30 PM | West Steps, State Capitol, 1315 10th Street, Sacramento, CA 95814 RSVP here:ย Eventbrite link
Join us at the historic launch and show your support for public banking!
Speakers will share brief, 30-minute remarks, including
Assemblymember Matt Haneyย (San Francisco)
Assemblymember Ash Kalraย (San Jose)
Trinity Tran, Executive Director, California Public Banking Alliance
Michael Tubbs, Founder, End Poverty in California
Tristan Brown, Legislative Director, California Federation of Teachers (CFT) AFT, AFL-CIO
Max Vargas, CEO, The Greenlining Institute
Dr. Flo Cofer, Leader, Sacramento Area Congregations Together (SacACT), Sacramento Climate Coalition
Celebrate and Connect! Enjoy multicultural performances, shaved ice with organic fruit purรฉes, and more as we celebrate community and change. Why It Matters for Main Street California faces budget deficits, a housing crisis, and major infrastructure needs, while billions in public dollars flow to Wall Street. AB 2243 starts the process to create a state public bank through a State Bank Commission and Plan.
A public bank would work with community lenders to lower borrowing costs, expand financing for housing, climate projects, infrastructure, and small businesses, and keep more public dollars working in California. Endorsed by 100+ organizations statewide.
Confirmed orgs attending, including co-sponsors: California Public Banking Alliance (CPBA), End Poverty in California (EPIC), The Greenlining Institute, California Federation of Teachers – CFT–AFT, AFL-CIO, Indivisible CA: StateStrong, Climate Action California, Third Act Sacramento, 350 Sacramento, Sacramento Area Congregations Together (SacACT), Sacramento Climate Coalition, Indivisible Sacramento, Sacramento Poor People’s Campaign, Friends of the Earth, and CPBA regional leads from San Francisco, Los Angeles, East Bay, Sacramento, Central Coast, and Yolo County. More groups are joining at the Capitol as we build turnout! Sign on to endorse: https://forms.gle/NSFTtXHknHsQd2GX6
California Democratic Party Delegates: sign-on here. RSVP for the Earth Day Launch of AB 2243:Eventbrite link
Weโre excited to share a soft launch of theย California State Bank Act (AB 2243), jointly authored byย Assemblymember Matt Haneyย andย Assemblymember Ash Kalra, ahead of our official campaign kick-off next month!
At a time when California is facing budget deficits and rising borrowing costs, this bill creates a structured process to develop a state public bank that can help stretch public dollars further and better support housing, climate, and small business priorities.
AB 2243 establishes a State Bank Commission that will work with independent experts to develop an actionable State Bank Plan. That plan will look at different options, including building on existing infrastructure like IBank or creating a new entity, and lay out what a workable model would require. That includes governance, how itโs capitalized, risk management, how it connects with existing state financing programs, and a five-year business plan. The process also includes public hearings and interagency coordination to ensure the work builds on existing capacity and stakeholder expertise.
A state bank would work in synergy with the local public banks weโre building across California, and help leverage the stateโs billions in existing public funds at scale.
Once approved, the State Bank Plan becomes the stateโs official roadmap to building a public bank!
Weโre grateful to have strong co-sponsors helping lead this effort, includingย End Poverty in California (EPIC),ย The Greenlining Institute,ย 350 Sacramento,ย Indivisible California: StateStrong, andย Friends of the Earth, along withย over 80 organizationsย supporting AB 2243 pre-launch.
Are you a CA ADEM (Assembly District Election Meeting) Delegate?ย Endorse here!
Call to Action!
Weโre heading to the Capitol to push for theย California State Bank (AB 2243), and we need you with us as we work to build a new banking system that supports Main Street!
This Thursday, join us at theย State Capitol in Sacramento, March 26thย from 9am to 11am for the AB 2243 Lobby Day and meet with legislators and staffers as we prepare for our Assembly committee hearings.
Join the Lobby Day co-sponsors & endorsers team: California Public Banking Alliance, The Greenlining Institute, End Poverty in California, 350 Sacramento, Sacramento Climate Coalition, Sacramento Area Congregations Together (SacACT), Indivisible California: StateStrong
Save the Date!
Mark your calendars! Join us at the State Capitol on Wednesday, April 22 (Earth Day) at 1pm for the official campaign launch with joint authors Assemblymembers Matt Haney and Ash Kalra, coalition leaders, endorsers, and the statewide public banking coalition. Details will be announced soon…
Weโre marking Earth Day by kicking off this next phase of work together on building a more sustainable, people-centered financial system!
