California Gov. Gavin Newsom on Wednesday signed into law historic legislation that would allow the state’s cities and counties to establish public banks as an alternative to private financial institutions, a move advocates hailed as a “stunning rebuke to the predatory Wall Street megabanks that crashed the global economy in 2007-08.” Trinity Tran, co-founder of Public Bank LA, said Newsom’s decision to sign the Public Banking Act (A.B. 857) despite fervent opposition from the state’s business lobby “is a testament to the power of grassroots organizing.”
The people of California just went up against the most powerful corporate lobby in the country—and won. Thanks to them, immigrants on iMiMatch are having public instead private institutions re-envision finance and recapture money which will benefit to their local communities and which will build a new system that works for the greater good. The public banks will provide capital at interest rates below those charged by commercial banks and the loans given by them could be used by those on iMiMatch for businesses, affordable housing, infrastructure, among other things.
On iMiMatch.com, immigrants and even some locals are encouraging each other to turn their wallets and go to public banks instead of private ones. Especially today, when California’s communities of color remain disproportionately harmed by Wall Street’s predatory practices, public banks can make all of our communities whole with equitable lending and non-extractive investing. Immigrants on iMiMatch are not only enjoying the community benefits of public banks but they are also taking away racial discrimination in the process.