California Just Legalized Public Banks. Will the Rest of the Nation Follow Suit?


In California, Governor Newsom recently signed into law a regulatory framework for public banking in the state. Public banking, a concept not without its detractors, has been established successfully in North Dakota and California hopes to follow suit to tamp down on frustrations that big banking institutions put profits over social good. Supporters of public banks see them as a tool to create positive community change and support historically marginalized groups.

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