The People v Wall Street: California’s Public Banking Shake-up
by Glenn Daigon
Posted November 21, 2019
A public bank would free localities from predatory Wall Street institutions and save taxpayers a lot of money. That money could then be used to fund needed projects such as affordable housing, renewable energy, and small business expansion.
For only the second time in 100 years, a people-powered coalition overcame the stiff opposition of the banking lobby to successfully pass a law that legalizes public banking. Governor Gavin Newsom (D-CA) signed a bill into law last month allowing California cities and towns to establish public banks.
It was almost a century ago that a similar grassroots uprising in North Dakota overcame the clout of big finance to establish the state-run Bank of North Dakota. And the passage of the California law may reverberate across the country. More…