California 2019-2020 Regular Session Status: Passed Assembly

AB 310 — California Infrastructure and Economic Development Bank.

Last action — In committee: Hearing for testimony only.

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

This bill died with 2019-2020 Regular Session. It reached “Passed Assembly” 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

(1) 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. The act establishes the California Infrastructure and Economic Development Bank Fund (I-Bank fund) , a continuously appropriated fund, for support of the I-Bank and prohibits 15 percent of the financing annually approved by the executive director that utilizes state funds from the infrastructure bank fund from being expended upon educational facilities, environmental mitigation measures, and parks and recreational facilities. This bill would, among other things, establish the Infrastructure and Economic Development Bank Commission and place the I-Bank under the supervision of the commission. The bill would require that the commission be comprised of the Governor, the Treasurer, the Controller, or their designees. The bill would require the commission to appoint members of the bank board, as specified. The bill would eliminate the I-Bank Fund spending limit with respect to educational facilities, environmental mitigation measures, and parks and recreational facilities. The bill would require the executive director, by January 1, 2021, to prepare, or cause to be prepared, a proposed projected 5-year budget detailing the costs expected to be incurred during that period due to the transfer of the I-Bank, as described above, and the operation of the I-Bank as a depository institution, as described below. The bill would require the executive director to submit the proposed projected budget to the board for approval and the final projected budget to the Legislature, as provided, and to take specified actions in order to facilitate the transfer of the I-Bank and the operation of the I-Bank as a depository institution. The bill, until January 1, 2022, would require the executive director to employ as necessary professional staff or consultants with expertise in the regulatory and other policy practices of the Federal Reserve System to assist in those activities. The bill would authorize the I-Bank to engage in certain financial transactions related to local agencies and tribal governments, including by authorizing the I-Bank to purchase bond anticipation notes of local agencies and tribal governments. Existing law, the Small Business Financial Assistance Act of 2013, requires the I-Bank to administer the California Small Business Finance Center that administers programs to assist businesses seeking new capital resources. This bill would, among other things, require the I-Bank to continue or expand the Small Business Finance Center as specified, including by guaranteeing loans to small businesses with a focus on specified borrowers. (2) Existing law requires the Treasurer, if possible, to deposit all money in the State Treasury or under the control of the Treasurer into an eligible bank. Existing law requires a state officer or employee, other than the Treasurer, to deposit all money in the custody of the state or under the control of that officer or employee in a state or national bank, as defined. Existing law requires a local agency, as defined, to deposit all money belonging to, or in the custody of that local agency, into specified state or national banks, as defined. Existing law regulates the investment of public funds by local agencies. Existing law requires the Treasurer to invest, or deposit in banks and savings and loan associations, specified state moneys designated as surplus and determined to be available for that purpose by the Pooled Money Investment Board. Existing law prescribes eligible securities for the investment of surplus moneys under these provisions, including bonds, notes, and warrants of this state and bonds or warrants of any county, city, or specified types of districts of this state. This bill would require the Department of Business Oversight to charter the I-Bank as a depository institution and would authorize the Treasurer, a state officer or employee having control over money belonging to or in the custody of the state, a local agency, as defined, or, upon approval by the board of directors, a quasi-public nonprofit entity to establish a deposit account with the I-Bank. The bill would require the I-Bank to, among other things, become a member of the Federal Reserve System and the Federal Home Loan Bank System and would prohibit the bank from engaging in prohibited high-risk activities, as defined. The bill would expand the scope of securities eligible for investment under these provisions to include equity, loans, debt securities, bond anticipation notes, or other obligations issued by the I-Bank. The bill would require the Treasurer to target an investment of 10% of the average daily balance of the Pooled Money Investment Account into those obligations. The bill would require, within one year of the date on which the I-Bank is chartered as a depository institution, the Treasurer to deposit at least 20 percent of the deposits in the State Treasury into the Treasurer's account at the I-Bank and would require, within 5 years of the date on which the I-Bank is chartered as a depository institution, the Treasurer to deposit 100 percent of the deposits in the State Treasury into the Treasurer's account at the I-Bank. (3) Existing law requires the I-Bank, by November 1 of each year, to submit to the Governor and the Legislature a report for the preceding fiscal year containing specified information relating to the I-Bank fund and programs, including information on the impact of the activities funded by moneys in the fund, including the number of jobs created and retained. Existing law also requires the manager of the California Small Business Finance Center, by January 1 of each year, to prepare and submit to the Governor and the Legislature a report for the preceding fiscal year relating to the activities of the California Small Business Expansion Fund and moneys within that fund held in trust by a financial institution or financial company that includes specified information. This bill would additionally require the I-Bank and the program manager to submit these reports to the Infrastructure and Economic Development Bank Commission and the I-Bank's board of directors. The bill would also expand the report required to be submitted by the I-Bank to include the number of jobs projected to be created and retained as an impact of the activities funded from the I-Bank fund and programs and information about deposit accounts established as described above.

Bill Text

Action History

  1. In committee: Hearing for testimony only.

  2. Re-referred to Com. on GOV. & F.

  3. Re-referred to Com. on RLS.

  4. Withdrawn from committee.

  5. From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on PUB. S.

  6. In committee: Set, second hearing. Hearing canceled at the request of author.

  7. In committee: Set, first hearing. Hearing canceled at the request of author.

  8. Referred to Coms. on PUB. S. and JUD.

  9. In Senate. Read first time. To Com. on RLS. for assignment.

  10. Read third time. Passed. Ordered to the Senate. (Ayes 72. Noes 0. Page 1925.)

  11. Read second time. Ordered to third reading.

  12. Read second time and amended. Ordered returned to second reading.

  13. From committee: Amend, and do pass as amended. (Ayes 16. Noes 1.) (May 16).

  14. In committee: Set, first hearing. Referred to APPR. suspense file.

  15. From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 0.) (April 23). Re-referred to Com. on APPR.

  16. Re-referred to Com. on PUB. S.

  17. Read second time and amended.

  18. From committee: Amend, and do pass as amended and re-refer to Com. on PUB. S. (Ayes 10. Noes 2.) (March 19).

  19. In committee: Set, first hearing. Hearing canceled at the request of author.

  20. Referred to Coms. on JUD. and PUB. S.

  21. From printer. May be heard in committee March 1.

  22. Read first time. To print.

Sponsors

  • Santiago · Primary

Sponsorship breakdown

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

Sponsors (1)

  • Santiago

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.

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Votes

AB 310 Santiago Assembly Third Reading

Passed 72 Yea · 0 Nay · 8 Other
Party YeaNayPresentNot Voting
Unaffiliated 43005
Democratic 23002
Republican 6001
Total 72008
% of votes cast 90%0%0%10%
How each member voted (80)
Member Party Vote
Brough — Yea
Mayes — Yea
Salas — Yea
Mathis — Yea
Frazier — Yea
Smith — Yea
Cunningham — Yea
Gonzalez — Yea
Diep — Yea
Chau — Yea
Gloria — Yea
Voepel — Yea
Rodriguez — Yea
Santiago — Yea
Obernolte — Yea
Chiu — Yea
Gray — Yea
Holden — Yea
Daly — Yea
Eggman — Yea
Maienschein — Yea
Jones-Sawyer — Yea
Quirk — Yea
Mullin — Yea
Friedman — Yea
Ting — Yea
Kamlager-Dove — Yea
Levine — Yea
Melendez — Yea
McCarty — Yea
Low — Yea
Nazarian — Yea
Burke — Yea
Cooper — Yea
Wood — Yea
Medina — Yea
Rendon — Yea
Chu — Yea
O'Donnell — Yea
Weber — Yea
Waldron — Yea
Bloom — Not Voting
Kiley — Not Voting
Bigelow — Not Voting
Cooley — Not Voting
Cristina Garcia — Yea
Eduardo Garcia — Not Voting
Mark Stone — Yea
Aguiar-Curry, Cecilia M. Democratic Not Voting
Arambula, Joaquin Democratic Yea
Bauer-Kahan, Rebecca Democratic Yea
Berman, Marc Democratic Yea
Boerner, Tasha Democratic Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Carrillo, Juan Democratic Yea
Cervantes, Sabrina Democratic Yea
Fong, Mike Democratic Yea
Gabriel, Jesse Democratic Yea
Gipson, Mike A. Democratic Yea
Grayson, Timothy S. Democratic Yea
Irwin, Jacqui Democratic Yea
Kalra, Ash Democratic Yea
Limón, Monique Democratic Yea
Muratsuchi, Al Democratic Not Voting
Petrie-Norris, Cottie Democratic Yea
Quirk-Silva, Sharon Democratic Yea
Ramos, James C. Democratic Yea
Reyes, Eloise Gómez Democratic Yea
Rivas, Robert Democratic Yea
Rivas, Robert Democratic Yea
Rubio, Blanca E. Democratic Yea
Wicks, Buffy Democratic Yea
Chen, Phillip Republican Yea
Choi, Steven S. Republican Yea
Dahle, Megan Republican Yea
Flora, Heath Republican Yea
Gallagher, James Republican Yea
Lackey, Tom Republican Yea
Patterson, Joe Republican Not Voting

Official roll call →

Do pass as amended.

Passed 16 Yea · 1 Nay · 1 Other
Party YeaNayPresentNot Voting
Democratic 7000
Unaffiliated 9101
Total 16101
% of votes cast 89%6%0%6%
How each member voted (18)
Member Party Vote
Bloom — Yea
Brough — Yea
Maienschein — Yea
Quirk — Yea
Eggman — Yea
Gonzalez — Yea
Diep — Yea
Chau — Yea
Obernolte — Nay
Bigelow — Not Voting
Eduardo Garcia — Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Carrillo, Juan Democratic Yea
Fong, Mike Democratic Yea
Gabriel, Jesse Democratic Yea
Petrie-Norris, Cottie Democratic Yea
Rivas, Robert Democratic Yea

Official roll call →

Do pass as amended and be re-referred to the Committee on [Public Safety]

Passed 10 Yea · 2 Nay
Party YeaNayPresentNot Voting
Unaffiliated 6200
Democratic 3000
Republican 1000
Total 10200
% of votes cast 83%17%0%0%
How each member voted (12)
Member Party Vote
Chiu — Yea
Maienschein — Yea
Holden — Yea
Gonzalez — Yea
Chau — Yea
Obernolte — Nay
Kiley — Nay
Mark Stone — Yea
Kalra, Ash Democratic Yea
Petrie-Norris, Cottie Democratic Yea
Reyes, Eloise Gómez Democratic Yea
Gallagher, James Republican Yea

Official roll call →

Subjects

finance housing labor transportation technology
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Frequently asked questions

What does AB 310 do?
(1) 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. The act establishes the California Infrastructure and Economic Development Bank Fund (I-Bank fund) , a continuously appropriated fund, for support of the I-Bank and prohibits 15 percent of the financing annually approved by the executive director that utilizes state funds from the infrastructure bank fund from being expended upon educational facilities, environmental mitigation measures, and parks and recreational facilities. This bill would, among other things, establish the Infrastructure and Economic Development Bank Commission and place the I-Bank under the supervision of the commission. The bill would require that the commission be comprised of the Governor, the Treasurer, the Controller, or their designees. The bill would require the commission to appoint members of the bank board, as specified. The bill would eliminate the I-Bank Fund spending limit with respect to educational facilities, environmental mitigation measures, and parks and recreational facilities. The bill would require the executive director, by January 1, 2021, to prepare, or cause to be prepared, a proposed projected 5-year budget detailing the costs expected to be incurred during that period due to the transfer of the I-Bank, as described above, and the operation of the I-Bank as a depository institution, as described below. The bill would require the executive director to submit the proposed projected budget to the board for approval and the final projected budget to the Legislature, as provided, and to take specified actions in order to facilitate the transfer of the I-Bank and the operation of the I-Bank as a depository institution. The bill, until January 1, 2022, would require the executive director to employ as necessary professional staff or consultants with expertise in the regulatory and other policy practices of the Federal Reserve System to assist in those activities. The bill would authorize the I-Bank to engage in certain financial transactions related to local agencies and tribal governments, including by authorizing the I-Bank to purchase bond anticipation notes of local agencies and tribal governments. Existing law, the Small Business Financial Assistance Act of 2013, requires the I-Bank to administer the California Small Business Finance Center that administers programs to assist businesses seeking new capital resources. This bill would, among other things, require the I-Bank to continue or expand the Small Business Finance Center as specified, including by guaranteeing loans to small businesses with a focus on specified borrowers. (2) Existing law requires the Treasurer, if possible, to deposit all money in the State Treasury or under the control of the Treasurer into an eligible bank. Existing law requires a state officer or employee, other than the Treasurer, to deposit all money in the custody of the state or under the control of that officer or employee in a state or national bank, as defined. Existing law requires a local agency, as defined, to deposit all money belonging to, or in the custody of that local agency, into specified state or national banks, as defined. Existing law regulates the investment of public funds by local agencies. Existing law requires the Treasurer to invest, or deposit in banks and savings and loan associations, specified state moneys designated as surplus and determined to be available for that purpose by the Pooled Money Investment Board. Existing law prescribes eligible securities for the investment of surplus moneys under these provisions, including bonds, notes, and warrants of this state and bonds or warrants of any county, city, or specified types of districts of this state. This bill would require the Department of Business Oversight to charter the I-Bank as a depository institution and would authorize the Treasurer, a state officer or employee having control over money belonging to or in the custody of the state, a local agency, as defined, or, upon approval by the board of directors, a quasi-public nonprofit entity to establish a deposit account with the I-Bank. The bill would require the I-Bank to, among other things, become a member of the Federal Reserve System and the Federal Home Loan Bank System and would prohibit the bank from engaging in prohibited high-risk activities, as defined. The bill would expand the scope of securities eligible for investment under these provisions to include equity, loans, debt securities, bond anticipation notes, or other obligations issued by the I-Bank. The bill would require the Treasurer to target an investment of 10% of the average daily balance of the Pooled Money Investment Account into those obligations. The bill would require, within one year of the date on which the I-Bank is chartered as a depository institution, the Treasurer to deposit at least 20 percent of the deposits in the State Treasury into the Treasurer's account at the I-Bank and would require, within 5 years of the date on which the I-Bank is chartered as a depository institution, the Treasurer to deposit 100 percent of the deposits in the State Treasury into the Treasurer's account at the I-Bank. (3) Existing law requires the I-Bank, by November 1 of each year, to submit to the Governor and the Legislature a report for the preceding fiscal year containing specified information relating to the I-Bank fund and programs, including information on the impact of the activities funded by moneys in the fund, including the number of jobs created and retained. Existing law also requires the manager of the California Small Business Finance Center, by January 1 of each year, to prepare and submit to the Governor and the Legislature a report for the preceding fiscal year relating to the activities of the California Small Business Expansion Fund and moneys within that fund held in trust by a financial institution or financial company that includes specified information. This bill would additionally require the I-Bank and the program manager to submit these reports to the Infrastructure and Economic Development Bank Commission and the I-Bank's board of directors. The bill would also expand the report required to be submitted by the I-Bank to include the number of jobs projected to be created and retained as an impact of the activities funded from the I-Bank fund and programs and information about deposit accounts established as described above.
Who sponsors AB 310?
AB 310 is sponsored by Santiago.
What is the current status of AB 310?
This bill died with 2019-2020 Regular Session. It reached “Passed Assembly” 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 AB 310?
Track AB 310 free on One Click Politics — get push/email alerts when it moves.

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