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.

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.