California Rebukes Predatory Wall Street Megabanks With New Public Bank Law

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Newsom on Wednesday signed into law historic legislation that would

allow the state’s

cities and counties to establish public banks

as an alternative to private financial ins utions,

a move advocates hailed as a “stunning rebuke to the predatory Wall Street megabanks that crashed the global economy in 2007-08.”

makes California the second state in the U.S. after North Dakota to allow the creation of public banks.

Public banks are intended to use public funds to let local jurisdictions provide capital at interest rates below those charged by commercial banks.

The loans could be used for businesses, affordable housing, infrastructure, and municipal projects, among other things.

Proponents say public banks can pursue those projects and support local communities’ needs while being

free of the pressure to obtain higher profits and shareholder returns faced by commercial banks.

Support for public banks also has grown since the financial crisis a decade ago and

since Wells Fargo & Co. was embroiled in a slew of customer-abuse scandals in recent years.

https://truthout.org/articles/california-rebukes-predatory-wall-street-megabanks-with-new-public-bank-law/

As always, CA takes the lead while wannabe CA rival TX hangs back with the Repug hole states

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And course national leader CA innovates with $$$ for college athletes.

Should help CA schools when recruiting the best athletes nationwide

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And course national leader CA innovates with $$$ for college athletes.

Should help CA schools when recruiting the best athletes nationwide

About ing time. Nice that this will effectively become nationwide policy unless the NCAA wants UCLA, Cal, and Stanford completely dominating college basketball and football.