Oakland City Council Budget Hearing

This week is a critical time to support the creation of the Public Bank of Oakland.

Public banking is the only way that cities and states can divest from Wall Street banks; credit unions and community banks are too small. The PBO will not only handle Oakland’s deposits, but also offer banking services to other Bay Area cities as well as the cannabis industry. Instead of working to maximize shareholders’ profits, the bank will be mandated to invest in projects that support a just and sustainable local economy.

When the PBO is established, we will save many millions in bank fees and interest payments every year. And the profits from the loans that PBO makes will go into Oakland’s general fund or into the pool of money available for lending. More info at https://friendsofpublicbankofoakland.org/ and http://publicbanking.org/

Oakland City Council is in the process of setting the city’s budget for the next two years. To make our public bank a reality, they must fund $100,000 (out of total annual spending of about $1.35 Billion) for the Public Bank of Oakland Feasibility Study.

This issue is very much in play, and input from Oaklanders this week may well determine the outcome. Oakland residents, please:
• call City Council members and leave this message: I support the Public Bank of Oakland. Fund the feasibility study NOW.
• Spread the word to everyone you know in Oakland.
• Come to the City Council meeting, Tuesday, May 30th, at 5:30 at City Hall. We will have signs for everyone to hold up.

Phone numbers by district (510-238-XXXX):

1. Dan Kalb -7001
2. Abel Guillen -7002
3. Lynette Gibson McElhaney -7003
4. Annie Campbell Washington -7004
5. Noel Gallo -7005
6. Desley Brooks -7006
7. Larry Reid -7007
at-large, Rebecca Kaplan -7008