Assemblymember Chiu Moves to Create Public Banks
by Alexandra Cannarella
Mar 12, 2019
Assemblymember David Chiu along with LA Assemblymember Miguel Santiago introduced a bill on Monday that could lay down the foundations for the creation of public banks in California and provide an alternative to San Francisco’s use of profit-driven commercial banks.

The idea of a publicly-owned bank has gained traction in recent years as advocates and elected officials have called upon the City to divest its $11 billion budget out of commercial banks and into community centered projects that would better reflect San Francisco values.