The Era of Big Finance Might Be Over
– Most people still shrug when you ask them their opinion on public banking. – That used to be true about lawmakers, but recently, the concept of public ownership of a depository bank is on the lips of elected officials and policy analysts. There seems to be news about the movement for publicly-owned banks every single day. We may have arrived at the moment when city, state and national officials are ready to look at options outside the mainstream financial paradigm that serve the needs of the public directly. It could be that cities and states are looking for straightforward ways to shore up their budgets and improve their local economies, and this just a handy tool. But it could also signal a shift in the way Americans think of banking, finance and the economy, and that public ownership of financial institutions is a palatable and even exciting idea. – – A Potential Advocate in Sacramento – California Treasurer and candidate for Governor John Chiang seems to be for it. His office just released a report on the state of the soon-to-be-legal cannabis industry in the state, and had his team look into the ways to serve its banking needs. Cannabis businesses are locked out of the banking system by banks too afraid of federal prosecution and banking regulation to touch a trade which lives in a “gray area” of law. This forces cannabis businesses to operate with large amounts of […]
