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<ns0:Id>20250AB__224399INT</ns0:Id>
<ns0:VersionNum>99</ns0:VersionNum>
<ns0:History>
<ns0:Action>
<ns0:ActionText>INTRODUCED</ns0:ActionText>
<ns0:ActionDate>2026-02-19</ns0:ActionDate>
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<ns0:SessionYear>2025</ns0:SessionYear>
<ns0:SessionNum>0</ns0:SessionNum>
<ns0:MeasureType>AB</ns0:MeasureType>
<ns0:MeasureNum>2243</ns0:MeasureNum>
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<ns0:AuthorText authorType="LEAD_AUTHOR">Introduced by Assembly Members Haney and Kalra</ns0:AuthorText>
<ns0:Authors>
<ns0:Legislator>
<ns0:Contribution>LEAD_AUTHOR</ns0:Contribution>
<ns0:House>ASSEMBLY</ns0:House>
<ns0:Name>Haney</ns0:Name>
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<ns0:Legislator>
<ns0:Contribution>LEAD_AUTHOR</ns0:Contribution>
<ns0:House>ASSEMBLY</ns0:House>
<ns0:Name>Kalra</ns0:Name>
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<ns0:Title> An act relating to economic development.</ns0:Title>
<ns0:RelatingClause>economic development</ns0:RelatingClause>
<ns0:GeneralSubject>
<ns0:Subject>State bank.</ns0:Subject>
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<html:p>The Bergeson-Peace Infrastructure and Economic Development Bank Act creates within the Governor’s Office of Business and Economic Development the Infrastructure and Economic Development Bank and requires it to administer the act, which, among other things, provides for the financing of certain economic development projects. Existing law authorizes the Commissioner of Financial Protection and Innovation to license up to two public banks in the state per year, as prescribed, upon an application by a local agency.</html:p>
<html:p>This bill would express the intent of the Legislature to enact legislation that would relate to doing certain things with respect to public banking, including considering the creation of a state-owned depository bank or an expanded role for the California Infrastructure and Economic Development Bank to hold public deposits, provide public-purpose financing, and coordinate with
existing state financing authorities and programs with the goal of centralizing and streamlining state financial activities.</html:p>
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<ns0:VoteRequired>MAJORITY</ns0:VoteRequired>
<ns0:Appropriation>NO</ns0:Appropriation>
<ns0:FiscalCommittee>YES</ns0:FiscalCommittee>
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<ns0:Urgency>NO</ns0:Urgency>
<ns0:TaxLevy>NO</ns0:TaxLevy>
<ns0:Election>NO</ns0:Election>
<ns0:UsualCurrentExpenses>NO</ns0:UsualCurrentExpenses>
<ns0:BudgetBill>NO</ns0:BudgetBill>
<ns0:Prop25TrailerBill>NO</ns0:Prop25TrailerBill>
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<ns0:Preamble>The people of the State of California do enact as follows:</ns0:Preamble>
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<ns0:Num>SECTION 1.</ns0:Num>
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<html:p>It is the intent of the Legislature to enact legislation that would relate to doing all of the following:</html:p>
<html:p>
(a)
<html:span class="EnSpace"/>
Establishing a phased process for developing public banking and other public financing tools to save money, lower borrowing costs, reduce state administrative costs, and support California’s priorities.
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<html:p>
(b)
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Considering the creation of a state-owned depository bank or an expanded role for the California Infrastructure and Economic Development Bank to hold public deposits, provide public-purpose financing, and coordinate with existing state financing authorities and programs with the goal of centralizing and streamlining state financial activities.
</html:p>
<html:p>
(c)
<html:span class="EnSpace"/>
Ensuring that any expansion or creation of a state bank promotes transparency, accountability, and public input, including through public hearings and
stakeholder engagement.
</html:p>
<html:p>
(d)
<html:span class="EnSpace"/>
Evaluating governance structures, capitalization options, risk management mechanisms, and coordination with existing state financing authorities.
</html:p>
<html:p>
(e)
<html:span class="EnSpace"/>
Supporting financing for affordable housing, climate resilience, local governments, and small businesses, and other projects that advance equity and economic development across California.
</html:p>
<html:p>
(f)
<html:span class="EnSpace"/>
Providing technical assistance and financial support for the formation of local public banks, including viability studies, business plans, charter applications, and development of shared resources, including risk pooling, compliance, and administrative capacity.
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