SB 930 and SB 838 continue their way through the California Legislature with first Assembly committee hearing

June 18, 2018

SACRAMENTO – Senator Bob Hertzberg, D-Van Nuys, today announced that two of his bills, one of which would make banking more accessible, and the other would allow corporate share certificates to be issued or transferred on the blockchain, cleared the Assembly Banking Committee.

June 16, 2018

By Fiona Ma and Bob Hertzberg

California voters — probably the least receptive in the nation to policy edicts from the Donald Trump administration — got an unusual and unexpected bit of good news last week, when the president announced that he “probably will end up supporting” legislation to let states set their own cannabis policy. We’ll take it, but we’re not holding our breath. There’s probably no greater hindrance to a successful legal cannabis marketplace in California than long-held resistance from the federal government.

June 4, 2018

SACRAMENTO – Senator Bob Hertzberg, D-Van Nuys, today released the following statement upon the announcement by Mayor Eric Garcetti that Michel Moore will become the next Chief of Police for the Los Angeles Police Department:

June 1, 2018

Although he declared an end to California’s historic five-year drought last year, Gov. Jerry Brown on Thursday signed two new laws that will require cities and water districts across the state to set permanent water conservation rules, even in non-drought years.

“In preparation for the next drought and our changing environment, we must use our precious resources wisely,” Brown said in a statement. “We have efficiency goals for energy and cars – and now we have them for water.”

May 31, 2018

California lawmakers moved Wednesday to create a state-backed bank to handle the billions of dollars flowing from the newly legal recreational marijuana market.

The world's largest legal recreational marijuana economy, created under a law that took effect this year, is projected to grow to $7 billion.

The bill approved by a bipartisan 29-6 state Senate vote is designed to help pot entrepreneurs who usually deal in cash because most banks won't accept money from a product that remains illegal under federal law.

SB930 now goes to the Assembly for consideration.

SB 606 and AB 1668 embrace Governor and Legislature’s reengineered approach to water management in California

May 31, 2018

SACRAMENTO – Senator Bob Hertzberg, D-Van Nuys, announced today that his bill, SB 606, was signed by Governor Jerry Brown, along with its partner bill, AB 1668 by Assemblymember Laura Friedman (D-Glendale).

In the midst of the drought, the Brown administration developed a plan to make water conservation a way of life. SB 606 and AB 1668 build on the administration’s plan to modernize the state’s management of this most precious resource by establishing a 21st century framework for drought resiliency by focusing on water use efficiency, something that has never been done before.

Bill to require bot labeling clears major hurdle

May 30, 2018

SACRAMENTO – Senator Bob Hertzberg, D-Van Nuys, announced today that SB 1001, a bill he authored with the support of Common Sense Kids Action to require social media companies to label automated accounts on their sites, passed the Senate Floor and is now headed to the Assembly.

May 30, 2018

The state Senate passed a bill this week to create a state charter for banks to serve California cannabis businesses, which would allow licensed merchants to write checks to pay taxes, fees and vendors — rather than use large amounts of cash, as they currently do.

SB930, by state Sen. Robert Hertzberg, D-Van Nuys, now heads to the Assembly.

Because marijuana is classified by the federal government as a Schedule 1 drug, federally insured financial institutions cannot process cannabis-related transactions without the risk of facing money laundering charges.

Senator Hertzberg’s SB 930 passes Senate Floor with bipartisan support

May 30, 2018

SACRAMENTO – Senator Bob Hertzberg, D-Van Nuys, announced today that his bill to establish a limited purpose state charter bank for use by licensed cannabis businesses passed on the Senate Floor.

Though Proposition 64 legalized adult-use cannabis in California, cannabis related businesses remain unable to deposit their income with federally-insured financial institutions, leading this $10 billion industry to operate mostly in cash.

Bill would tighten requirements for and authorize a study of the bail insurance market

May 29, 2018

SACRAMENTO – Senator Bob Hertzberg, D-Van Nuys, today announced that his legislation to further his ongoing examination of the state’s bail industry, Senate Bill 898, cleared the Senate Floor and is headed to the California State Assembly.

SB 898, which is co-authored by Assemblymember Rob Bonta (D-Oakland), shines a light on the bail industry’s lending practices by authorizing the Insurance Commissioner to examine the bail insurance market, their profits, and the relationship between the risk assumed by the insurer and the rates charged to those seeking a bail bond.

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