NY Senate Bill S1754 and Assembly Bill A3352 to establish the “New York Public Banking Act,” which is similar to California’s AB857, were introduced in mid-January by State Sen. James Sanders Jr. and Assemblymember Pamela J. Hunter, respectively. As of mid-March, the Senate bill has met the 32 Senator co-sponsor threshold to pass. The Assembly bill has 61 co-sponsors — a mere 14 Assemblymembers short of majority support.
Demonstrating that public banking is gaining traction in the Midwest, Missouri launches a public banking advocacy group. Drop in on the Missouri Public Bank Alliance’s new Facebook page to like, connect, and give them a note of support.
Advocates are anticipating the comprehensive reports due Q1 from Berggruen Institute and Jain Family Institute, which will model lending initiatives for the LA public bank to include affordable housing, green energy, small businesses, and financial justice. Meanwhile, Public Bank LA is arranging introductory meetings with incoming City Councilmembers, is working with City Council to allocate funds for the $700K RFP contract in the city’s budget, and has written three editorials in response to the private bank failures in the news.
View and keep track of legislative updates on the new Legislation Tracker section of our website