Bay Area

City Council Moves to OK Establishment of Public Bank for Oakland, East Bay

Vice Mayor Rebecca Kaplan, a longtime supporter of strengthening funding for local small businesses and important public projects, successfully moved to approve the resolution along with the viability study. Kaplan had proposed the initial public bank study in the previous Oakland budget, and the regional multi-city collaboration that allowed the public bank effort to get to this stage.

Published

1 year ago

December 28, 2022

Oakland Post

As reported in their mission statement, the vision for the Public Bank East Bay is to: “invest public monies from participating governmental agencies to meet the needs of local communities."

From City Hall Reports

The City of Oakland took another step toward establishing the Public Bank of the East Bay.

The Oakland Finance and Management Committee voted to approve forwarding District 3 Councilmember Carroll Fife’s resolution to the City Council meeting on Dec. 20, 2022, with the intent for the City of Oakland, in collaboration with Alameda County, City of Berkeley and City of Richmond, and additional cities as interested, to establish the bank.

“I want to thank everyone who has been working for many years to bring a public bank to the East Bay – not just to the City of Oakland – a regional collaborative of multiple governments that by standing together, can strengthen our economic opportunity and our ability to affordably finance needed projects and ensure access to funding for local small businesses and underserved communities,” said Kaplan.

The need and support for a public bank comes from the failing business model of many corporate banks that handle the vast majority of public funds in the East Bay and around the country which have consistently prioritized profits and serving the well-connected over community needs.

The biggest example of the failure of corporate banks is the Great Recession of 2008 when many banks engaged in predatory foreclosures and destabilized. But the Bank of North Dakota, the nation’s oldest public bank, was able to withstand the chaotic market trend while growing their fund and continuing to provide small business and student loans as well as economic and workforce development funds.

As reported in their mission statement, the vision for the Public Bank East Bay is to: “invest public monies from participating governmental agencies to meet the needs of local communities.

“PBEB will seek to return a reasonable, but not excessive, profit to its stakeholders by making economically sustainable loans and providing a high level of service to its partners and stakeholders.

“It will adhere to the principles of the United Nations Declaration on the Rights of Indigenous People, and will prioritize environmentally regenerative, culturally equitable and participatory practices that reverse discrimination against members of economically and socially marginalized communities.”

The Council will consider the item on Dec. 20, 2022, City Council meeting.

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Oakland Post: Week of April 24 – 30, 2024

The printed Weekly Edition of the Oakland Post: Week of April 24 – 30, 2024

Published

2 days ago

April 26, 2024

Oakland Post

To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.

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Alameda County

DA Pamela Price Stands by Mom Who Lost Son to Gun Violence in Oakland

Last week, The Post published a photo showing Alameda County District Attorney Pamela Price with Carol Jones, whose son, Patrick DeMarco Scott, was gunned down by an unknown assailant in 2018.

Published

6 days ago

April 22, 2024

Oakland Post

District Attorney Pamela Price with Carol Jones

Publisher’s note: Last week, The Post published a photo showing Alameda County District Attorney Pamela Price with Carol Jones, whose son, Patrick DeMarco Scott, was gunned down by an unknown assailant in 2018. The photo was too small for readers to see where the women were and what they were doing. Here we show Price and Jones as they complete a walk in memory of Scott. For more information and to contribute, please contact Carol Jones at 510-978-5517 at morefoundation.help@gmail.com. Courtesy photo.

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Bay Area

State Controller Malia Cohen Keynote Speaker at S.F. Wealth Conference

California State Controller Malia Cohen delivered the keynote speech to over 50 business women at the Black Wealth Brunch held on March 28 at the War Memorial and Performing Arts Center at 301 Van Ness Ave. in San Francisco. The Enterprising Women Networking SF Chapter of the American Business Women’s Association (ABWA) hosted the Green Room event to launch its platform designed to close the racial wealth gap in Black and Brown communities.

Published

1 week ago

April 20, 2024

Oakland Post

American Business Women’s Association Vice President Velma Landers, left, with California State Controller Malia Cohen (center), and ABWA President LaRonda Smith at the Enterprising Women Networking SF Chapter of the ABWA at the Black Wealth Brunch.

By Carla Thomas

The Enterprising Women Networking SF Chapter of the American Business Women’s Association (ABWA) hosted the Green Room event to launch its platform designed to close the racial wealth gap in Black and Brown communities.

“Our goal is to educate Black and Brown families in the masses about financial wellness, wealth building, and how to protect and preserve wealth,” said ABWA San Francisco Chapter President LaRonda Smith.

ABWA’s mission is to bring together businesswomen of diverse occupations and provide opportunities for them to help themselves and others grow personally and professionally through leadership, education, networking support, and national recognition.

“This day is about recognizing influential women, hearing from an accomplished woman as our keynote speaker and allowing women to come together as powerful people,” said ABWA SF Chapter Vice President Velma Landers.

More than 60 attendees dined on the culinary delights of Chef Sharon Lee of The Spot catering, which included a full soul food brunch of skewered shrimp, chicken, blackened salmon, and mac and cheese.

Cohen discussed the many economic disparities women and people of color face. From pay equity to financial literacy, Cohen shared not only statistics, but was excited about a new solution in motion which entailed partnering with Californians for Financial Education.

“I want everyone to reach their full potential,” she said. “Just a few weeks ago in Sacramento, I partnered with an organization, Californians for Financial Education.

“We gathered 990 signatures and submitted it to the [California] Secretary of State to get an initiative on the ballot that guarantees personal finance courses for every public school kid in the state of California.

“Every California student deserves an equal opportunity to learn about filing taxes, interest rates, budgets, and understanding the impact of credit scores. The way we begin to do that is to teach it,” Cohen said.

By equipping students with information, Cohen hopes to close the financial wealth gap, and give everyone an opportunity to reach their full financial potential. “They have to first be equipped with the information and education is the key. Then all we need are opportunities to step into spaces and places of power.”

Cohen went on to share that in her own upbringing, she was not guided on financial principles that could jump start her finances. “Communities of color don’t have the same information and I don’t know about you, but I did not grow up listening to my parents discussing their assets, their investments, and diversifying their portfolio. This is the kind of nomenclature and language we are trying to introduce to our future generations so we can pivot from a life of poverty so we can pivot away and never return to poverty.”

Cohen urged audience members to pass the initiative on the November 2024 ballot.

“When we come together as women, uplift women, and support women, we all win. By networking and learning together, we can continue to build generational wealth,” said Landers. “Passing a powerful initiative will ensure the next generation of California students will be empowered to make more informed financial decisions, decisions that will last them a lifetime.”