California’s 2024–25 state budget includes $1 million to move CalAccount into implementation, thanks to a strategic push by Assemblymember Avelino Valencia, Governor Newsom, legislative leaders, and State Treasurer Fiona Ma. This builds on years of groundwork, including the 2021 passage of the California Public Banking Option Act (AB 1177) and the 2024 CalAccount market analysis.
Once launched, CalAccount will become the nation’s first state-run, fee-free public banking option. It offers a safe, no-cost alternative to over 7 million unbanked and underbanked Californians who lose $4.5 billion each year to financial fees. The program is designed to be self-sustaining and is projected to deliver over $45 million in economic stimulus in its first year.
We’re proud to help lead this effort with SEIU California and the CalAccount Community Coalition to deliver a bold solution for economic justice and financial inclusion.
Thank you to everyone who pushed this across the finish line.
Read our press release here.
CalAccount Community Coalition in Sacramento!
Photos from our CalAccount Advocacy Day and training session with the CalAccount Community Coalition and California Fast Food Workers at the State Capitol and SEIU State Council in Sacramento.
CalAccount Community Coalition gathers at the Capitol Rotunda.
Sylvia Chi – California Public Banking Alliance (CPBA), Cynthia Amezcua – FreeFrom, Trinity Tran – Public Bank LA (PBLA) and CPBA, Rick Girling – CPBA, Anneisha Williams – California Fast Food Workers Union (CFWU), Erika Connor – CFWU at the Capitol.
heila Ainsworth with California Fast Food Workers Union – CFWU, Michael Jones – CFWU, Trinity Tran – Public Bank LA and California Public Banking Alliance, Lilian Hernandez – CFWU, Pedro Loera – CFWU, Erika Conner – CFWU, Lio Sanchez – CFWU meeting with State Legislators.
