Miguel Santiago
- Democratic
- Assemblymember
- District 54
Author
Existing law, the CalSavers Retirement Savings Trust Act, creates in state government the CalSavers Retirement Savings Board and requires the board to, among other things, design and implement the CalSavers Retirement Savings Program. This bill, the California Public Banking Option Act, until January 1, 2032, would require the Treasurer to convene, on or before September 1, 2022, the CalAccount Blue Ribbon Commission to be composed of certain members, including the Treasurer or the Treasurer's designee. The act would require the commission to, on or before July 1, 2024, conduct, by contracting with one or more entities with appropriate expertise, and deliver, as prescribed, a market analysis to determine if it is feasible to implement a "CalAccount Program," which, if implemented, would have certain characteristics, including that it would be a program established by the state for the purpose of protecting consumers who lack access to traditional banking services from predatory, discriminatory, and costly alternatives, which offers Californians access to a voluntary, zero-fee, zero-penalty, federally insured transaction account, known as a CalAccount, and related payment services at no cost to accountholders, including robust and geographically diverse mechanisms for accessing account funds and account management tools that facilitate the automation of basic financial transactions designed to serve the needs of individuals with low or fluctuating income. The bill would require the commission to hold a public hearing to review the market analysis and, after holding that hearing, would authorize the commission to issue a report to accompany the market analysis, as prescribed. The bill would make the operation of the act contingent upon an appropriation by the Legislature in the Budget Act or another statute for its purposes.
Approved by the Governor.
Chaptered by Secretary of State - Chapter 451, Statutes of 2021.
Enrolled and presented to the Governor at 3 p.m.
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 51. Noes 24. Page 3061.).
In Assembly. Concurrence in Senate amendments pending.
Read third time. Passed. Ordered to the Assembly. (Ayes 29. Noes 9. Page 2530.).
Read second time. Ordered to third reading.
Read third time and amended. Ordered to second reading.
Read second time. Ordered to third reading.
Read second time and amended. Ordered returned to second reading.
From committee: Amend, and do pass as amended. (Ayes 5. Noes 2.) (August 26).
Read second time and amended. Re-referred to Com. on APPR.
From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 4. Noes 1.) (July 5).
Read second time and amended. Re-referred to Com. on L., P.E. & R.
From committee: Amend, and do pass as amended and re-refer to Com. on L., P.E. & R. (Ayes 7. Noes 2.) (June 23).
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B. & F.I.
Action rescinded whereby the bill was referred to Com. on JUD.
Referred to Coms. on B. & F.I., L., P.E. & R. and JUD.
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 48. Noes 24. Page 1848.)
Read second time. Ordered to third reading.
Read second time and amended. Ordered returned to second reading.
From committee: Amend, and do pass as amended. (Ayes 12. Noes 4.) (May 20).
In committee: Set, first hearing. Referred to APPR. suspense file.
Read second time and amended.
From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 7. Noes 4.) (April 29).
From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.
From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.
From printer. May be heard in committee March 21.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB1177 | HTML |
| 02/18/21 - Introduced | |
| 03/25/21 - Amended Assembly | |
| 04/21/21 - Amended Assembly | |
| 05/04/21 - Amended Assembly | |
| 05/24/21 - Amended Assembly | |
| 06/14/21 - Amended Senate | |
| 06/24/21 - Amended Senate | |
| 07/07/21 - Amended Senate | |
| 08/26/21 - Amended Senate | |
| 09/03/21 - Amended Senate | |
| 09/14/21 - Enrolled | |
| 10/04/21 - Chaptered |
| Document | Format |
|---|---|
| 04/27/21- Assembly Banking and Finance | |
| 05/11/21- Assembly Appropriations | |
| 05/25/21- ASSEMBLY FLOOR ANALYSIS | |
| 06/20/21- Senate Banking and Financial Institutions | |
| 07/01/21- Senate Committee on Labor, Public Employment and Retirement | |
| 08/13/21- Senate Appropriations | |
| 08/26/21- Senate Appropriations | |
| 08/31/21- Sen. Floor Analyses | |
| 09/07/21- Sen. Floor Analyses | |
| 09/08/21- ASSEMBLY FLOOR ANALYSIS |
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