SEIU Local 1021 Endorses Public Bank East Bay
The Friends of the Public Bank East Bay and SEIU 1021 Collaborate to Promote Equity and Economic Justice for a Better Future for the East Bay
Oakland, California — SEIU Local 1021’s Alameda and Contra Costa
Counties’ respective Committees On Political Education (COPE)
have voted to support the Public Bank East Bay.
SEIU Local 1021 represents nearly 60,000 working people across Northern California, from San Jose to the Oregon border, and is proud to announce their support of and collaboration with Friends of the Public Bank East Bay.
Friends of the Public Bank East Bay is a 501(c)(3) nonprofit board formed to advocate for public banking in our economically, demographically and geographically diverse region. The proposed Bank will have board representation from community members in historically underserved groups, so that lending and investment decisions are guided by those they are intended to benefit most.
The Public Bank will manage money for its Founders (the cities of Oakland, Berkeley and Richmond and the County of Alameda). It will be run by professional bankers, and will uphold the values and practices of environmental, economic, and racial justice. The Public Bank East Bay will reduce lending costs and return earnings from loans back to the Cities which will then be able to expand their lending opportunities. The cost savings will result in modernizing transportation, electrical power and public buildings, as well as financially supporting badly needed climate-resilient infrastructure. The Public Bank also will partner with community banks, credit unions, and CDFIs to offer loans to small businesses, especially those hardest-hit by COVID.
SEIU’s and the Friends of the Public Bank East Bay’s shared concerns about equity, economic justice, and the future of the East Bay make this a natural and powerful collaboration for both organizations.
SEIU Local 1021 is a local of SEIU, the nation’s second-largest union. SEIU California has been working closely with the California Public Banking Alliance on a bill in the state legislature, AB 1177. This law will study subsidizing banks to provide free accounts to the currently un- and under-banked, many of whom are SEIU members. The bill has passed the Assembly and has one more Senate committee to pass on August 26th before it goes on to the Senate Floor.
SEIU Local 1021 represents nearly 60,000 employees in local governments, non-profit agencies, health care programs and schools throughout Northern California.
Contacts for Public Bank East Bay: Margie Lewis, Debbie Notkin
publicbankeastbay @ gmail.com (510) 418 – 0627
Contacts for SEIU Local 1021: Peter Albert
Peter.Albert @ seiu1021.org