Public Banks Now

The California Senate has voted to enact AB 857, the Public Banking Act, which sets the standards and opens the door for municipal public banks throughout the state. – A second vote on the amended bill in the Assembly, which advanced it by a narrow margin last month, should follow tomorrow. If Governor Gavin Newsom signs the bill into law, California will be the first state since North Dakota in 1919 to enact a statewide public banking statute, and the first in history to define and regulate the formation of […]