Session Type(s): Panel
Starts: Friday, Oct. 8 3:45 PM (Eastern)
Ends: Friday, Oct. 8 4:45 PM (Eastern)
Strong efforts are underway to establish public banking across the US. Organizers will describe how public banks can challenge Wall Street and serve as a powerful tool for local governments to invest in affordable housing, renewable energy, and to tackle racial inequity. We’ll discuss the successful campaign to pass California’s Public Banking Act and the 2021 proposal to provide free banking services to unbanked and underbanked Californians. We’ll learn about the plan for a public bank in the nation’s second-largest city — and how federal legislation can support cities and states as they establish public banks.
Trinity Tran is the co-founder and lead organizer of California Public Banking Alliance (CPBA), Public Bank LA and Divest LA. In February 2017, Trinity created Divest LA which successfully mobilized activists behind the campaign to move the City of Los Angeles’ public funds from Wells Fargo. In June 2017, she co-founded Public Bank LA, which lead the Measure B ballot initiative to create a city-owned bank in Los Angeles. In June 2018, she was a founding member of the California Public Banking Alliance and lead organizer for the statewide coalition of grassroots groups which conceived of and sponsored State Legislative bill AB 857 to create local public banks in California. The ‘Public Banking Act’ was signed into law by Governor Gavin Newsom on October 2, 2019. In 2020, CPBA introduced Assembly Bill 310 to create the California State Public Bank.