(a) On or before September 1, 2022, the Treasurer shall convene the CalAccount Blue Ribbon Commission. The commission shall be composed of all of the following members:

(1) The Treasurer or the Treasurer’s designee.

(2) The Commissioner of the Department of Financial Protection and Innovation or that person‘s designee.

(3) An individual with banking expertise, particularly expertise in transaction accounts and debit cards, appointed by the Senate Committee on Rules.

(4) A public banking advocate appointed by the Senate Committee on Rules.

(5) An individual with expertise in economic and racial justice and cultural competence appointed by the Speaker of the Assembly.

(6) A consumer representative or advocate with expertise in banking access and financial empowerment, including within historically unbanked and underbanked communities, appointed by the Speaker of the Assembly.

(7) An employee representative appointed by the Governor.

(8) An individual with expertise in banking or consumer financial services affiliated with an academic institution appointed by the Governor.

(9) An individual, appointed by the Governor, with banking expertise.

(b) The members of the commission shall serve at the pleasure of their appointing authority.

(c) The Treasurer shall serve as the chair of the commission.

(d) In making appointments to the commission, the appointing authorities shall take into consideration the cultural, ethnic, and geographic diversity of the state so that the commission’s composition reflects the communities of California.

(e) (1) Except as provided in paragraph (2), members of the commission shall serve without compensation.

(2) Members of the commission shall be reimbursed for necessary travel expenses incurred in connection with their commission duties.

(f) (1) Except for the members described in paragraphs (3) and (9) of subdivision (a), a commission member, or Treasurer’s staff working with the commission, while serving in that capacity shall not have a direct or indirect investment or ownership interest in or be employed by, a consultant to, a member of the board of directors of, affiliated with, or otherwise a representative of, a private bank or financial services institution unless that position is an unpaid volunteer position.

(2) The restrictions in paragraph (1) do not include ownership of a share of a diversified mutual fund or exchange-traded fund that holds shares of a private bank or financial services institution.

(Added by Stats. 2021, Ch. 451, Sec. 3. (AB 1177) Effective January 1, 2022. Conditionally operative pursuant to Section 100106. Repealed as of January 1, 2032, pursuant to Section 100108.)