Endorse AB-857

As democratic socialists we support local and worker control over our community’s finances, and financial decision making. Worker and customer owned banks – credit unions – are an important part of our democractic financial landscapes, but have serious limitations for municipal finances.

By banking with private banks cities in Marin County support socially and environmentally disastrous practices. Among other things, these banks support predatory lending practices for low-income communities of color, finance fossil fuels, and support private prisons. Our investments are fundamentally against the values held by Marin residents.

With municipal public banks our cities will have more local control, transparency, and self-determination. They enable sustainable community investments such as affordable housing, loans to low-income households, student loans, small business cultivation, community-based financial institutions, renewable energy, public transit infrastructure, public education infrastructure, and healthcare infrastructure.

Our tax dollars and public assets currently serve the interests of big banks and Wall Street. It is time to let our communities decide how and what we fund.

The Marin branch of the Democractic Socialists of America supports the creation and implementation of a Municipal Bank that supports Marin County, optionally working together with other cities in the Bay Area. We endorse AB-857 and encourage residents of Marin and our local elected officials to endorse and support the bill.

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