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City Council Moves to OK Establishment of Public Bank for Oakland, East Bay

Vice Mayor Rebecca Kaplan, a longtime supporter of strengthening funding for local small businesses and important public projects, successfully moved to approve the resolution along with the viability study. Kaplan had proposed the initial public bank study in the previous Oakland budget, and the regional multi-city collaboration that allowed the public bank effort to get to this stage.

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As reported in their mission statement, the vision for the Public Bank East Bay is to: “invest public monies from participating governmental agencies to meet the needs of local communities."
As reported in their mission statement, the vision for the Public Bank East Bay is to: “invest public monies from participating governmental agencies to meet the needs of local communities."

From City Hall Reports

The City of Oakland took another step toward establishing the Public Bank of the East Bay.

The Oakland Finance and Management Committee voted to approve forwarding District 3 Councilmember Carroll Fife’s resolution to the City Council meeting on Dec. 20, 2022, with the intent for the City of Oakland, in collaboration with Alameda County, City of Berkeley and City of Richmond, and additional cities as interested, to establish the bank.

Vice Mayor Rebecca Kaplan, a longtime supporter of strengthening funding for local small businesses and important public projects, successfully moved to approve the resolution along with the viability study. Kaplan had proposed the initial public bank study in the previous Oakland budget, and the regional multi-city collaboration that allowed the public bank effort to get to this stage.

“I want to thank everyone who has been working for many years to bring a public bank to the East Bay – not just to the City of Oakland – a regional collaborative of multiple governments that by standing together, can strengthen our economic opportunity and our ability to affordably finance needed projects and ensure access to funding for local small businesses and underserved communities,” said Kaplan.

The need and support for a public bank comes from the failing business model of many corporate banks that handle the vast majority of public funds in the East Bay and around the country which have consistently prioritized profits and serving the well-connected over community needs.

The biggest example of the failure of corporate banks is the Great Recession of 2008 when many banks engaged in predatory foreclosures and destabilized. But the Bank of North Dakota, the nation’s oldest public bank, was able to withstand the chaotic market trend while growing their fund and continuing to provide small business and student loans as well as economic and workforce development funds.

As reported in their mission statement, the vision for the Public Bank East Bay is to: “invest public monies from participating governmental agencies to meet the needs of local communities.

“PBEB will seek to return a reasonable, but not excessive, profit to its stakeholders by making economically sustainable loans and providing a high level of service to its partners and stakeholders.

“It will adhere to the principles of the United Nations Declaration on the Rights of Indigenous People, and will prioritize environmentally regenerative, culturally equitable and participatory practices that reverse discrimination against members of economically and socially marginalized communities.”

The Council will consider the item on Dec. 20, 2022, City Council meeting.

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Oakland Post: Week of January 29 – February 4, 2025

The printed Weekly Edition of the Oakland Post: Week of January 29 – February 4, 2025

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Oakland Poll: Tell Us What You Think About the Cost of Groceries in Oakland

Food banks and grocery giveaways are a large part of the resources nonprofits in Oakland prioritize, particularly in areas like East and West Oakland where low-income families of color tend to reside. These neighborhoods are often labeled as “food deserts” or communities that have limited access to affordable and nutritious foods.

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Oakland Poll: Tell Us What You Think About the Cost of Groceries in Oakland
Oakland Poll: Tell Us What You Think About the Cost of Groceries in Oakland

By Magaly Muñoz

In 2023, the average spending on groceries increased by nearly $30 each month from the year before;people are spending over $500 a month to put food on the table.

Through previous reporting by the Post, we’ve learned that families in Oakland are depending more and more on free or low cost groceries from food banks because they can no longer afford the rising costs of food at the store.

Food banks and grocery giveaways are a large part of the resources nonprofits in Oakland prioritize, particularly in areas like East and West Oakland where low-income families of color tend to reside. These neighborhoods are often labeled as “food deserts” or communities that have limited access to affordable and nutritious foods.

We’ve recently spoken to families across these two areas of Oakland and have heard several stories that all point to one problem: food is expensive. Some individuals are spending upwards of $150 a week for themselves or double if they have teens or small children in the family.

We’ve also heard stories of people with chronic illnesses like diabetes and high blood pressure struggling to maintain their diets because they’re having a hard time affording the food that helps them stay healthy.

Do these experiences sound similar to what you or your family are dealing with every month? Are you struggling to afford your basic groceries every week? Do you depend on food banks to help you get by? Are there any chronic illnesses in your household that need to be managed by a special diet?

We want to hear about your experiences and ideas for solutions!

The Oakland Post is investigating food access in Oakland and how residents are surviving as the cost of living continues to increase. Your experiences will help shape our reporting and show local leaders the need to invest in our communities.

In order to get as much feedback as possible, we ask that you click this link to fill out a brief questionnaire or visit tinyurl.com/Oakland-Post-food-survey. You can also scan the QR code above to reach the survey. After you fill it out, please consider sharing the link with your friends and family in Oakland.

If you have questions, please reach out to our Oakland reporter Magaly Muñoz at mmunoz@postnewsgroup or text/call her at (510) 905-5286.

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Oakland Post: Week of January 22 – 28, 2025

The printed Weekly Edition of the Oakland Post: Week of January 22 – 28, 2025

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