Historic Public Banking Bill Signed into Law
Cities and counties in California will be allowed to create their own public banks, making the state one of just two to legalize institutions of that kind.
The California governor, Gavin Newsom, on Wednesday signed the Public Banking Act, or AB 857, which will allow city and county governments to create, or sponsor, public banks. Those banks will in turn provide public agencies access to loans at interest rates much lower than they could find at private banks.
