Authorize Public Bank East Bay to seek state approval and commit Richmond's founding capital

Public Bank East BayGovernance

In Plain English

Richmond would join other East Bay cities in creating a public bank that keeps local tax dollars in the community instead of using private banks. The city must modify its investment policies to participate and contribute founding capital after state regulators approve the bank. If approved, Richmond taxpayers could benefit from keeping banking fees and interest within the region.

Auto-generated summary. Source: official agenda documents.