Supported by The Climate Center

AB 1177: California Public Banking Option Act

California State Capitol Building Sacramento by Christopher Padalinski
California State Capitol Building Sacramento by Christopher Padalinski

AB 1177 (Santiago, et al) This bill, the California Public Banking Option Act (Act), will establish in state government the Public Banking Option Board to administer the BankCal Program, which the Act would create for the purpose of protecting one quarter of California residents who lack access to traditional banking services from predatory, discriminatory, and costly alternatives, by offering access to voluntary, zero-fee, zero-penalty, federally insured transaction account and debit card services at no cost to account holders. A public bank has the statutory authority to make its own climate-smart investments that support California’s economy and climate goals. Read the Author’s Factsheet. STATUS: Signed by the Governor on October 5.