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