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Support Public Bank in San Jose (3/19/2019)

Message from Jake Tonkel.
It has been an amazing week for the public banking movement. Assemblymembers Chiu (SF) and Santiago (LA) introduced AB 857, the Public Banking Bill. That was a major step forward to making the establishment of local and regional public banks a reality.
With more good news, we have the opportunity to show up and support right here in Santa Clara County.
San Jose City Council members, Raul Peralez, Sergio Jimenez, and Magdalena Carrasco, have introduced a memorandum to be adopted Tuesday, Mar, 19th at 1:30 pm! This is in response to a bid that the city is evaluating for their banking services, with JP Morgan Chase and Wells Fargo being the top two scorers, both of whom have been fined hundreds of millions of dollars for wage theft practices over the years.
For basic information about Public Banking, see Public Banking Made Simple Video.
How can you help?
– Come on Tuesday to City Hall at 1:30 pm to show support! Hold public banking signs, and grab a comment card to speak directly to City Council about why you support this movement. Please fill out the Doodle Poll so I know who can come and how many signs to bring.
– Email your city council member, Mayor and City Clerk in support of this step! See below for a template.
We want our hard earn tax dollars to go towards the public good and not to Wall Street profits!
The memo instructs staff to do three things:

  1. Explore the feasibility of Public Banking as an alternative delivery model,
  2. Include in the City’s legislative priorities California Assembly Bill 857: Public Banks, and,
  3. Adopt a resolution urging California State legislators to enact legislation amending the Government Code to enable local agencies to create public banks through an option for a public banking charter.

You can read the full memo here:
Thanks so much for your support –
Jake Tonkel
I know this is getting long, so here is the template to email your Councilmember and the Mayor (sorry I don’t have anything fancy):
Sam Liccardo <>;
Sam Liccardo <>
Chappie Jones <>;
Sergio Jimenez <>;
Raul Peralez <>;
Lan Diep <>;
Magdalena Carrasco <>;
Dev Davis <>;
Maya Esparza <>;
Sylvia Arenas <>;
Pam Foley <>;
Johnny Khamis <>;
City Clerk <>;
Mayor and Councilmember,
I wanted to write to you to express my excitement that the City of San Jose is going to look at how a Public Bank will allow our city to create sound investments that will save money and invest the public deposits in fiscally, socially and environmentally responsible activities. Public banks can save taxpayer funds that are currently going to big banks to instead finance affordable housing, student loans, renewable energy, rebuilding after natural disasters, and local infrastructure including roads, parks and schools. In partnership with local banks and credit unions, a public bank could provide affordable loans and lines of credit to local small businesses, nonprofits and even help people get out from under the thumb of payday lenders.
We know that big banks like Wells Fargo and JPMorgan engage in shady practices that hurt our community. From wage theft to illegal foreclosures, big banks have been taking advantage of our friends, family and neighbors for too long and have been using our San Jose tax dollars to make their profits. When for so long, we have been trying to hold these institutions accountable and they continue to decide not to play fair, we need to take the responsibility into our own hands.
Please help San Jose leverage the public deposits that hold our communities tax dollars for the benefit of our community. It’s our money and we need to make sure it is used to create growth here in San Jose.
Please vote in favor of the recommendation to explore the feasibility of a Public Bank as an alternative to the City’s financial service needs and support AB857.

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