Monday, August 22, 2011

Create a state bank as a public utility

Senator Darrell Steinberg,
            I encourage you to use your leadership position in the Senate to assist in passing AB 750, the bill to study the establishment of a California Trust (bank) as a partial response to the economic crisis.
    We refuse to accept the severe cuts in social services, education, police and fire protection, and health care among others. Relying upon budget cuts to “balance” the budget means leaving in place the many current corporate subsidies for the well off while producing more unemployment and hardship for the majority.
            Passing AB 750 would begin the process of finding a better way. A state bank would  take our money out of Wall Street and bring it back to California, where it will be lent out to small businesses to create jobs, in partnership with community banks, so they can start hiring, and put Californians back to work. This is an imaginative alternative to raising taxes, cutting services, or selling state property.
  Dr. Duane E. Campbell,
Electoral Chair :  Sacramento Progressive Alliance.
Please contact your Senator today.  Then, attend the Lungren Town Hall listed below.
Update. I received an email from Senator Steinberg.  He announced that he voted to place AB 750 in the Suspense file.  That means it has been defeated for now. 



 This bill is currently in the legislature. 
AB 750, 
The California Constitution provides for the election by the
people of the Treasurer and the Controller. Existing law requires the
Treasurer to receive and keep in the vaults of the treasury or to
deposit in banks or credit unions all moneys belonging to the state,
as specified. Existing law requires the Controller to superintend the
fiscal concerns of the state. Existing law requires the Controller
to audit all claims against the state, and authorizes the Controller
to audit the disbursement of any state money, for correctness,
legality. Make the call. Then, attend the Lungren Town Hall below.


This bill would establish the investment trust blue ribbon task
force to consider the viability of establishing the California
Investment Trust, which would be a state bank receiving deposits of
state funds. The task force would be required to consider how the
investment trust could strengthen economic and community development, provide financial stability to businesses, reduce the cost paid by state government for banking services, and provide for excess earnings of the trust to be used to supplement General Fund purposes.
The bill would establish the membership of the task force, which
would include the Secretary of Business, Transportation and Housing,  or his or her designee, and specified individuals with a background  in finance appointed by the Legislature, and the Governor,  Controller, and Treasurer,

Create a public bank, like a public utility.  ie. SMUD.
A state bank will take our money out of Wall Street and bring it home, where it will be lent out to small businesses to create jobs, in partnership with community banks, so they can start hiring, and put Californians back to work. This is an imaginative alternative to raising taxes, cutting services, or selling state property.
This is the game-changer for CA. Please call the Committee Chair, Senator Christine Kehoe, at 916-651-4039,

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