California 2019-2020 Regular Session Status: In Committee

SB 528 — California Infrastructure and Economic Development Bank.

Last action — Returned to Secretary of Senate pursuant to Joint Rule 56.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed Assembly
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2019-2020 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

The Bergeson-Peace Infrastructure and Economic Development Bank Act establishes the California Infrastructure and Economic Development Bank (I-Bank) in the Governor's Office of Business and Economic Development under the direction of an executive director appointed by the Governor, subject to confirmation by the Senate, and governed by a board of directors composed of specified persons. Existing law, among other things, authorizes the I-Bank to make loans, issue bonds, and provide financial assistance for various types of projects that qualify as economic development or public development facilities. The act prohibits the bank from being chartered as a depository institution. This bill would establish a task force, composed of specified members, including the Director of the Governor's Office of Business and Economic Development, to study the workability, potential costs, and estimated timeframe to transition the I-Bank into a depository institution to accept deposits from state and local governments and to lend money to local governments for their infrastructure needs. The bill would require the task force to submit a report to the Legislature no later than January 1, 2021, composed of specified elements, including a list and description of each task that must be performed to transition the I-Bank into a state-chartered depository institution, the identities of which entity or entities will be responsible for performing each task, an estimated timeline to complete each task, and an indication of which tasks, if any, are predicated on the completion of other tasks.

Bill Text

Action History

  1. Returned to Secretary of Senate pursuant to Joint Rule 56.

  2. May 16 hearing: Held in committee and under submission.

  3. Set for hearing May 16.

  4. May 13 hearing: Placed on APPR. suspense file.

  5. Set for hearing May 13.

  6. Read second time and amended. Re-referred to Com. on APPR.

  7. From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 4. Noes 0. Page 872.) (April 24).

  8. Set for hearing April 24.

  9. From committee: Do pass and re-refer to Com. on B. & F.I. (Ayes 4. Noes 2. Page 713.) (April 10). Re-referred to Com. on B. & F.I.

  10. Set for hearing April 10.

  11. Referred to Coms. on GOV. & F. and B. & F.I.

  12. From printer. May be acted upon on or after March 24.

  13. Introduced. Read first time. To Com. on RLS. for assignment. To print.

Sponsors

  • Hueso · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

  • Hueso

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Placed on suspense file

Passed 6 Yea · 0 Nay
Party YeaNayPresentNot Voting
Republican 1000
Unaffiliated 5000
Total 6000
% of votes cast 100%0%0%0%
How each member voted (6)
Member Party Vote
Wieckowski — Yea
Portantino — Yea
Bates — Yea
Hill — Yea
Bradford — Yea
Jones, Brian W. Republican Yea

Official roll call →

Subjects

public-safety finance transportation
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 528 do?
The Bergeson-Peace Infrastructure and Economic Development Bank Act establishes the California Infrastructure and Economic Development Bank (I-Bank) in the Governor's Office of Business and Economic Development under the direction of an executive director appointed by the Governor, subject to confirmation by the Senate, and governed by a board of directors composed of specified persons. Existing law, among other things, authorizes the I-Bank to make loans, issue bonds, and provide financial assistance for various types of projects that qualify as economic development or public development facilities. The act prohibits the bank from being chartered as a depository institution. This bill would establish a task force, composed of specified members, including the Director of the Governor's Office of Business and Economic Development, to study the workability, potential costs, and estimated timeframe to transition the I-Bank into a depository institution to accept deposits from state and local governments and to lend money to local governments for their infrastructure needs. The bill would require the task force to submit a report to the Legislature no later than January 1, 2021, composed of specified elements, including a list and description of each task that must be performed to transition the I-Bank into a state-chartered depository institution, the identities of which entity or entities will be responsible for performing each task, an estimated timeline to complete each task, and an indication of which tasks, if any, are predicated on the completion of other tasks.
Who sponsors SB 528?
SB 528 is sponsored by Hueso.
What is the current status of SB 528?
This bill died with 2019-2020 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 528?
Track SB 528 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 3 months ago · updated continuously

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