Lake Merritt, Oakland, CA by Priyanka Sethy

UPDATE: Alameda County Supervisors approve $75,000 to help pay for the public bank business plan process needed to obtain a public bank charter

In another important stride forward for public banking, four Alameda County Supervisors voted unanimously March 15 to give $75,000 to Friends of the Public Bank East Bay for planning activities. The PBEB group has completed the viability study required by California’s Public Banking Act (see article here), the first stage in the process of applying for a public bank charter, and is now at work on the bank’s business plan.

Alameda County Supervisor Dave Brown said in a letter to the Board:

“A public bank would provide many public benefits to the community. It would create a long-term multigenerational source of capital for East Bay communities, and would cut infrastructure construction costs significantly by providing low-interest loans.”

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Lake Merritt, Oakland, CA. Photo by Priyanka Sethy.

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