Two California lawmakers proposed legislation this week that would allow municipalities to create their own local or regional banks, calling it way 'to fight income inequality through public banking.'
LOS ANGELES — Two California lawmakers proposed legislation this week that would allow municipalities to create their own local or regional banks, calling it a way"to fight income inequality through public banking."
Chiu added,"Time and time again, we have seen big banks invest our money in institutions most Californians are opposed to — oil pipelines, gun manufacturers, private prisons, and companies with unfair labor practices. This legislation allows us to take a first step towards ensuring the public's money is used for public good.""We are opposed to the bill," said Beth Mills, a spokesperson for the California Banking Association.
Critics have suggested the new banks could expose California taxpayers to financial risk. However, the legislation mandates that the new banks would need to obtain and maintain deposit insurance from the Federal Deposit Insurance Corp. or others, such as private share insurance or self-insurance.As a candidate, Democratic Gov. Gavin Newsom showed support for the idea of the state taking a bigger role in banking.
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