AB-2243 • 2026

State Bank Act.

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor: Haney (A) , Kalra
Last action: 2026-04-23
Official status: From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 2.) (April 23). Re-referred to Com. on APPR.
Effective date: Not listed

Plain English Breakdown

The official source does not provide details about who would run or manage the new state bank.

State Bank Act

The State Bank Act removes limits on public bank licensing, creates a State Bank Commission to oversee state banking activities, and requires the commission to develop a detailed plan for creating a state bank by June 1, 2028.

What This Bill Does

Removes the limit that stops the Commissioner of Financial Protection and Innovation from issuing licenses for public banks after seven years.
Creates the State Bank Commission within the government to oversee the creation of a state bank.
Requires the commission to hold at least two public hearings by January 1, 2028, to gather input on creating a state bank plan.
Asks the commission to develop a detailed state bank plan by June 1, 2028, that includes how to guarantee public deposits in the new state bank.

Who It Names or Affects

The Commissioner of Financial Protection and Innovation
Local agencies applying for public bank licenses
Members of the public who can give input on the state bank plan

Terms To Know

public hearings: Meetings where people can share their thoughts about a topic with government officials.
state guarantee: A promise by the state to protect something, like money in a bank account.

Limits and Unknowns

The bill does not specify what happens if the commission decides against adopting the state bank plan.
It is unclear how much public input will influence the final decision on creating a state bank.

Bill History

2026-04-23 California Legislative Information
From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 2.) (April 23). Re-referred to Com. on APPR.
2026-04-21 California Legislative Information
Re-referred to Com. on B. & F.
2026-04-20 California Legislative Information
From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.
2026-04-14 California Legislative Information
From committee: Do pass and re-refer to Com. on B. & F. (Ayes 5. Noes 2.) (April 14). Re-referred to Com. on B. & F.
2026-03-23 California Legislative Information
Re-referred to Com. on E.D., G., & H.I.
2026-03-19 California Legislative Information
From committee chair, with author's amendments: Amend, and re-refer to Com. on E.D., G., & H.I. Read second time and amended.
2026-03-19 California Legislative Information
Referred to Coms. on E.D., G., & H.I. and B. & F.
2026-02-20 California Legislative Information
From printer. May be heard in committee March 22.
2026-02-19 California Legislative Information
Read first time. To print.

Official Summary Text

AB 2243, as amended, Haney.
State
bank commission.
Bank Act.
The Bergeson-Peace Infrastructure and Economic Development Bank Act creates within the Governor’s Office of Business and Economic Development the Infrastructure and Economic Development Bank and requires it to administer the act, which, among other things, provides for the financing of certain economic development projects.
Existing law authorizes the Commissioner of Financial Protection and Innovation to license up to two public banks in the state per year, as prescribed, upon an application by a local agency. Existing law prohibits the commissioner from issuing a public bank license after the expiration of a period of 7 years from the date upon which the commissioner first promulgated certain regulations related to public banks.
This
bill
bill, the State Bank Act,
would
delete that public bank licensing prohibition and would
create in state government the State Bank Commission and provide for its membership, as prescribed.
This bill would require, on or before June 1, 2028, the commission to develop a state bank plan that addresses various items with respect to creating a state bank, including a state guarantee of public deposits, including those held by public banks. The bill would require, on or before January 1, 2028, the commission to hold at least 2 public hearings to solicit input on the state bank plan from members of the public and, by July 1, 2028, vote whether to adopt the state bank plan. The bill would require, if the commission adopts by a majority vote the state bank plan, the commission to publish the state bank plan and the fact of its adoption on its internet
website.

Current Bill Text

Read the full stored bill text

Download Bill PDF