Assembly Bill Would Create State Bank To Help Local Governments, Small Businesses During Pandemic
SAN FRANCISCO (CBS SF) — A group of state legislators from the Bay Area and Southern California announced Thursday the introduction of a state bill that would create a state bank capable of giving loans to local governments and small businesses during the COVID-19 coronavirus pandemic.
Assemblymembers David Chiu, D-San Francisco; Ash Kalra, D-San Jose; Buffy Wicks, D-Oakland; and Miguel Santiago, D-Los Angeles, joined members of the California Public Banking Alliance to introduce Assembly Bill 310, the Bank on California Bill.
The bill would convert the state's Infrastructure and Economic Development Bank, commonly called the IBank, into a state-run bank. The conversion would expand the state's capacity to lend money to local governments to protect crucial services like schools and public health.
