{"id":21394,"date":"2026-07-10T10:11:12","date_gmt":"2026-07-10T17:11:12","guid":{"rendered":"https:\/\/dornsife.usc.edu\/eri\/?page_id=21394"},"modified":"2026-07-27T15:12:19","modified_gmt":"2026-07-27T22:12:19","slug":"california-public-bank-report","status":"publish","type":"page","link":"https:\/\/dornsife.usc.edu\/eri\/publications\/california-public-bank-report\/","title":{"rendered":"Financial Justice in California: A Public Bank For the Public Good"},"content":{"rendered":"\n\n\n\n\n  \n    \n\n\n\n\n\n\n<div\n  class=\"cc--component-container cc--scrolling-text-with-image \"\n\n  \n  \n  \n  \n  \n  \n  >\n  <div class=\"c--component c--scrolling-text-with-image\"\n    \n      >\n\n    \n  <div class=\"text-image-container\">\n\n          \n      <div class=\"image-container\">\n            \n<div class=\"f--field f--image\">\n\n    \n    \n    \n    \n    \n    \n              \n      <img decoding=\"async\"\n                            src=\"https:\/\/dornsife.usc.edu\/eri\/wp-content\/uploads\/sites\/41\/2026\/07\/california-public-bank-report-cover-768x1024.jpg\"\n          srcset=\"https:\/\/dornsife.usc.edu\/eri\/wp-content\/uploads\/sites\/41\/2026\/07\/california-public-bank-report-cover-1280x1707.jpg 1280w,https:\/\/dornsife.usc.edu\/eri\/wp-content\/uploads\/sites\/41\/2026\/07\/california-public-bank-report-cover-768x1024.jpg 768w\"          sizes=\"(min-width:1024px) 50vw, (min-width:768px) 100vw, 100vw\"\n        \n                  alt=\"Report cover featuring title, author names, and logos.\"\n        \n        \n                                      \/>\n\n    \n    \n  \n  \n\n<\/div>\n      <\/div>\n      \n    <div class=\"text-container\">\n  \n        \n                  \n<div class=\"f--field f--section-title\">\n\n    \n  <h2>\n          A report by the USC Equity Research Institute and Rise Economy\n      <\/h2>\n\n\n<\/div>\n        \n                  \n<div class=\"f--field f--description\">\n\n    \n  <p>July 10, 2026<\/p>\n<p>By Ximena Sanchez Martinez, Vanessa Carter Fahnenstock, and Jody Agius Vallejo<\/p>\n<p>California has long been hailed as a glamorous multiracial state of possibility and upward mobility\u2014a place where American Dreams are made. But there is another side to California, one built on racial and class inequality. Amidst the glitz and the glam, inequality in California is palpable, including high levels of racial residential segregation, a highly stratified education system, an affordable housing crisis, and increasing income and wealth inequality. California is also a state experiencing a deepening crisis of capital. Across the state, families, small businesses, rural communities, and local governments struggle to access affordable, long-term financing needed to meet basic needs like housing, build wealth and assets, and pursue economic stability.<\/p>\n<p>In this report, we explore how a California public bank could provide long-term, low-cost capital to expand affordable housing, strengthen community lenders, invest in rural infrastructure, support Tribal economic development, increase access to small business financing, and help communities recover from climate-related disasters.<\/p>\n<p><a class=\"cta-link\" href=\"https:\/\/dornsife.usc.edu\/eri\/wp-content\/uploads\/sites\/41\/2026\/07\/California-Public-Bank-Report-web.pdf\">Read the California Public Bank Report<\/a><\/p>\n<p><a class=\"cta-link\" href=\"https:\/\/dornsife.usc.edu\/eri\/2026\/07\/21\/why-california-needs-a-state-public-bank\/\">Read the companion blog<\/a><\/p>\n\n\n\n<\/div>\n      \n          <\/div>\n\n  <\/div>\n\n\n\n  <\/div><\/div>\n\n\n  \n    \n\n\n\n\n\n\n<div\n  class=\"cc--component-container cc--spacer \"\n\n  \n  \n  \n  \n  \n  \n  >\n  <div class=\"c--component c--spacer\"\n    \n      >\n\n    \n\n  <\/div><\/div>\n\n\n\n\n\n\n      \n  \n      \n  \n      \n  \n      \n  \n\n  \n    \n\n\n\n\n\n\n<div\n  class=\"cc--component-container cc--interactive-quote-pane \"\n\n  \n  \n  \n  \n  \n  \n  >\n  <div class=\"c--component c--interactive-quote-pane\"\n    \n      >\n\n    \n<div class=\"inner-wrapper\">\n  <div class=\"left\">\n              \n<div class=\"f--field f--section-title\">\n\n    \n  <h2>\n           Insights from the field\n      <\/h2>\n\n\n<\/div>\n    \n    <div class=\"select-container\">\n      <label class=\"visually-hidden\" for=\"swiper-2024716441\">Select option to display slide<\/label>\n      <select name=\"swiper-2024716441\">\n                  <option value=\"0\">The Need for Patient Capital<\/option>\n                  <option value=\"1\">Prohibitive Infrastructure Costs<\/option>\n                  <option value=\"2\">Challenges in Rural Communities<\/option>\n                  <option value=\"3\">Respecting Native Nations Sovereign Immunity<\/option>\n              <\/select>\n      <svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" viewBox=\"0 0 35 35\" enable-background=\"new 0 0 35 35\" xml:space=\"preserve\">\n        <polygon fill-rule=\"evenodd\" clip-rule=\"evenodd\" fill=\"#FC0\" points=\"7.5,14.9 17.5,24.9 27.5,14.9 24.6,12 17.5,19.2 10.4,12 \"\/>\n      <\/svg>\n    <\/div>\n\n      <div class=\"swiper\">\n      <div class=\"swiper-wrapper\">\n                  <div class=\"swiper-slide\">\n            <h3 class=\"pane-title visually-hidden\">The Need for Patient Capital<\/h3>\n\n                              \n<div class=\"f--field f--description\">\n\n    \n  <p>Predevelopment loans, that&#8217;s where the public bank can play a big role. The  reason why that&#8217;s a big issue is that I can get and do get a ton of predevelopment loans from CDFIs, but they have a limit on how much they can put out. On predevelopment, sometimes that can be $2 or $3 million, and there are very few CDFIs that are gonna give you that much money for a long period of time. The role this bank could have is patient capital. There&#8217;s hardly any patient capital around, other than CDFIs, and their patience isn&#8217;t enough for these deals.<\/p>\n\n\n\n<\/div>\n            \n                          <div class=\"attribution-container \">\n\n                                  <span class=\"attribution-title\">Paul Ainger<\/span>\n                \n                                  <span class=\"attribution-additional-info\">former Rise Economy board member and affordable housing consultant<\/span>\n                \n                              <\/div>\n            \n          <\/div>\n                  <div class=\"swiper-slide\">\n            <h3 class=\"pane-title visually-hidden\">Prohibitive Infrastructure Costs<\/h3>\n\n                              \n<div class=\"f--field f--description\">\n\n    \n  <p>Tribally owned lands and reservations may not have adequate water systems to allow for new development. Those are projects that take years to execute. It&#8217;s hard for development projects to carry a large infrastructure add-on, and if there&#8217;s a community water system that needs upgrading, the community itself has to work on upgrading the system. If it&#8217;s a question of extending a water line for half a mile, that might be conceivably worked into the capital stack. If you get beyond a certain level of infrastructure, it just makes it infeasible.<\/p>\n\n\n\n<\/div>\n            \n                          <div class=\"attribution-container \">\n\n                                  <span class=\"attribution-title\">Michael Carroll<\/span>\n                \n                                  <span class=\"attribution-additional-info\"> Rural Community Assistance Corporation<\/span>\n                \n                              <\/div>\n            \n          <\/div>\n                  <div class=\"swiper-slide\">\n            <h3 class=\"pane-title visually-hidden\">Challenges in Rural Communities<\/h3>\n\n                              \n<div class=\"f--field f--description\">\n\n    \n  <p>Rural communities have fewer revenue streams that they can devote to affordable housing. Banks don&#8217;t have a presence, and investors ignore rural communities. Investors would rather invest in an area with a strong economy where their return on investment is fairly safe, rather than in a rural area that&#8217;s struggling. Many rural areas are struggling with high unemployment and high poverty rates. So all of those things conspire together to create a paucity of credit and capital and make the cost of borrowing and development more expensive.<\/p>\n\n\n\n<\/div>\n            \n                          <div class=\"attribution-container \">\n\n                                  <span class=\"attribution-title\">Rob Wiener<\/span>\n                \n                                  <span class=\"attribution-additional-info\">California Coalition for Rural Housing<\/span>\n                \n                              <\/div>\n            \n          <\/div>\n                  <div class=\"swiper-slide\">\n            <h3 class=\"pane-title visually-hidden\">Respecting Native Nations Sovereign Immunity<\/h3>\n\n                              \n<div class=\"f--field f--description\">\n\n    \n  <p>A California public bank would need to respect sovereignty, understand tribal lands, and partner with native CDFIs to provide patient and flexible capital. Tribes usually have to either create a section 17 or do a resolution negotiation with a bank in order to ensure that they don&#8217;t have to waive any of their sovereign immunity. Tribes want to be able to assume full control over their enterprises and their money. Sovereign immunity, it is not a compliance issue for tribes. It&#8217;s the foundation. Most banks that I&#8217;ve come across treat tribal sovereignty as a legal risk to mitigate rather than a government status to respect. So what tribes need in the state is recognition of tribes as governments, not looking at them as non-profits or a special business entity. What&#8217;s needed is standardized banking policies that accept tribal resolutions, tribal courts, dispute resolution, limited and project-specific waivers of sovereign immunity.<\/p>\n\n\n\n<\/div>\n            \n                          <div class=\"attribution-container \">\n\n                                  <span class=\"attribution-title\">Patrick Gallardo<\/span>\n                \n                                  <span class=\"attribution-additional-info\">Scotts Valley Band of Pomo Indians and California Valley Miwok Tribe<\/span>\n                \n                              <\/div>\n            \n          <\/div>\n              <\/div>\n    <\/div>\n  \n    <\/div>\n\n  <div class=\"right\">\n\n  <div class=\"pagination-wrapper\">\n    <ul class=\"interactive-quote-pane-pagination\"><\/ul>\n  <\/div>\n\n    <\/div>\n\n<\/div>\n\n\n  <div class=\"background-images\">\n          <div class=\"swiper swiper-background-images\">\n        <div class=\"swiper-wrapper\">\n   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      \n    \n  \n\n  \n    \n\n\n\n\n\n\n<div\n  class=\"cc--component-container cc--interactive-content-pane \"\n\n  \n  \n  \n  \n  \n  \n  >\n  <div class=\"c--component c--interactive-content-pane\"\n    \n      >\n\n    \n<div class=\"inner-wrapper\">\n  <div class=\"left\">\n              \n<div class=\"f--field f--section-title\">\n\n    \n  <h2>\n           Read our other publications by research area\n      <\/h2>\n\n\n<\/div>\n      \n    <div class=\"pagination-wrapper\">\n      <ul class=\"interactive-content-pane-pagination\"><\/ul>\n    <\/div>\n  <\/div>\n\n  <div class=\"right\">\n          <div class=\"swiper\">\n        <div class=\"swiper-wrapper\">\n                      <div class=\"swiper-slide\">\n              <h3 class=\"pane-title\">\n                Immigrant Integration &amp; Racial Justice\n              <\/h3>\n                                  \n<div class=\"f--field f--description\">\n\n    \n  <p class=\"x_MsoNormal\">Our work on immigrant integration and racial justice brings together three emphases:\u00a0<strong>scholarship<\/strong>\u00a0that draws on academic theory and rigorous research,\u00a0<strong>data<\/strong>\u00a0that provides information structured to highlight the process of immigrant integration over time, and\u00a0<strong>engagement<\/strong>\u00a0that seeks to create new dialogues with government, community organizers, business and civic leaders, immigrants and the voting public to advance immigrant integration and racial equity.<\/p>\n\n\n\n<\/div>\n                          \n  \n                              <ul>\n                                            <li>\n                                \n<div class=\"f--field f--link\">\n\n    \n    \n  \n<a \n  class=\"link\"\n  href= https:\/\/dornsife.usc.edu\/eri\/publications\/economic-inclusion-and-climate-equity-reports\/\n    aria-label=\"Read more about Browse reports\"  \n>\n    Browse reports \n  <svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" viewBox=\"0 0 35 35\" enable-background=\"new 0 0 35 35\" width=\"25\" height=\"25\" xml:space=\"preserve\"><polygon fill-rule=\"evenodd\" clip-rule=\"evenodd\" fill=\"#FC0\" points=\"19.3,27.5 29.3,17.5,19.3,7.5 16.3,10.4 21.4,15.4 6.7,15.4 6.7,19.6 21.4,19.6 16.3,24.6 \"\/><\/svg>\n<\/a>\n\n\n<\/div>\n                        <\/li>\n                                    <\/ul>\n                          <\/div>\n                      <div class=\"swiper-slide\">\n              <h3 class=\"pane-title\">\n                Economic Inclusion &amp; Climate Equity\n              <\/h3>\n                                  \n<div class=\"f--field f--description\">\n\n    \n  <p>In the area of economic inclusion, we at ERI <strong>advance academic theory and practical applications<\/strong> linking economic growth, environmental quality, and civic health with bridging of racial and other gaps; <strong>produce accessible and actionable data and analysis<\/strong> through the data tools; and <strong>establish research partnerships<\/strong>\u00a0to deepen and advance the dialogue, planning, and actions around racial equity, environmental justice, and the built environment.<\/p>\n\n\n\n<\/div>\n                          \n  \n                              <ul>\n                                            <li>\n                                \n<div class=\"f--field f--link\">\n\n    \n    \n  \n<a \n  class=\"link\"\n  href= https:\/\/dornsife.usc.edu\/eri\/publications\/economic-inclusion-and-climate-equity-reports\/\n    aria-label=\"Read more about Browse reports\"  \n>\n    Browse reports \n  <svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" viewBox=\"0 0 35 35\" enable-background=\"new 0 0 35 35\" width=\"25\" height=\"25\" xml:space=\"preserve\"><polygon fill-rule=\"evenodd\" clip-rule=\"evenodd\" fill=\"#FC0\" points=\"19.3,27.5 29.3,17.5,19.3,7.5 16.3,10.4 21.4,15.4 6.7,15.4 6.7,19.6 21.4,19.6 16.3,24.6 \"\/><\/svg>\n<\/a>\n\n\n<\/div>\n                        <\/li>\n                                    <\/ul>\n                          <\/div>\n                      <div class=\"swiper-slide\">\n              <h3 class=\"pane-title\">\n                Social Movements &amp; Governing Power\n              <\/h3>\n                                  \n<div class=\"f--field f--description\">\n\n    \n  <p>ERI&#8217;s work in the area of governing power includes: <strong>conducting cross-disciplinary studies<\/strong> of today\u2019s social movements, <strong>supporting learning and strategizing efforts<\/strong>\u00a0to advance dialogues among organizers, funders, intermediaries, evaluators, and academics, and<strong> developing research-based social change frameworks and tools<\/strong> to inform\u2014and be informed by\u2014real-world, real-time efforts towards a vision of deep change.<\/p>\n\n\n\n<\/div>\n                          \n  \n                              <ul>\n                                            <li>\n                                \n<div class=\"f--field f--link\">\n\n    \n    \n  \n<a \n  class=\"link\"\n  href= https:\/\/dornsife.usc.edu\/eri\/publications\/social-movements-and-governing-power-reports\/\n    aria-label=\"Read more about Browse reports\"  \n>\n    Browse reports \n  <svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" viewBox=\"0 0 35 35\" enable-background=\"new 0 0 35 35\" width=\"25\" height=\"25\" xml:space=\"preserve\"><polygon fill-rule=\"evenodd\" clip-rule=\"evenodd\" fill=\"#FC0\" points=\"19.3,27.5 29.3,17.5,19.3,7.5 16.3,10.4 21.4,15.4 6.7,15.4 6.7,19.6 21.4,19.6 16.3,24.6 \"\/><\/svg>\n<\/a>\n\n\n<\/div>\n                        <\/li>\n                                    <\/ul>\n                          <\/div>\n                      <div class=\"swiper-slide\">\n              <h3 class=\"pane-title\">\n                Publications Directory\n              <\/h3>\n                                  \n<div class=\"f--field f--description\">\n\n    \n  <div class=\"f--field f--description\">\n<div class=\"f--field f--description\">\n<p>In 2020, the USC Program for Environmental and Regional Equity (PERE) and the USC Center for the Study of Immigrant Integration (CSII) merged to form the USC Equity Research Institute (ERI).<\/p>\n<p>The full list of publications published under our previous and current names can be found in our publications directory.<\/p>\n<\/div>\n<\/div>\n\n\n\n<\/div>\n                          \n  \n                              <ul>\n                                            <li>\n                                \n<div class=\"f--field f--link\">\n\n    \n    \n  \n<a \n  class=\"link\"\n  href= https:\/\/dornsife.usc.edu\/eri\/publications\/\n    aria-label=\"Read more about Publications Directory\"  \n>\n    Publications Directory \n  <svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" viewBox=\"0 0 35 35\" enable-background=\"new 0 0 35 35\" width=\"25\" height=\"25\" xml:space=\"preserve\"><polygon fill-rule=\"evenodd\" clip-rule=\"evenodd\" fill=\"#FC0\" points=\"19.3,27.5 29.3,17.5,19.3,7.5 16.3,10.4 21.4,15.4 6.7,15.4 6.7,19.6 21.4,19.6 16.3,24.6 \"\/><\/svg>\n<\/a>\n\n\n<\/div>\n                        <\/li>\n                                    <\/ul>\n                          <\/div>\n                  <\/div>\n      <\/div>\n      <\/div>\n  \n<\/div>\n\n\n\n  <div class=\"background-images\">\n          <div class=\"swiper swiper-background-images\">\n        <div class=\"swiper-wrapper\">\n                      <div class=\"swiper-slide\">\n                                                                  \n<div class=\"f--field f--image\">\n\n    \n    \n    \n    \n    \n    \n              \n      <img decoding=\"async\"\n                            src=\"https:\/\/dornsife.usc.edu\/eri\/wp-content\/uploads\/sites\/41\/2022\/12\/SOILA_banner-768x384.jpg\"\n                    sizes=\"(min-width:1200px) 75vw, (min-width:768px) 83vw, 100vw\"\n        \n                  role=\"none\"\n        \n        role=\"presentation\"\n                                      \/>\n\n    \n    \n  \n  \n\n<\/div>\n                          <\/div>\n\n                      <div class=\"swiper-slide\">\n                                                                  \n<div class=\"f--field f--image\">\n\n    \n    \n    \n    \n    \n    \n              \n      <img decoding=\"async\"\n                            src=\"https:\/\/dornsife.usc.edu\/eri\/wp-content\/uploads\/sites\/41\/2022\/11\/Header_Option_EJ_01-768x248.png\"\n                    sizes=\"(min-width:1200px) 75vw, (min-width:768px) 83vw, 100vw\"\n        \n                  role=\"none\"\n        \n        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