Public banks can now be formed in California

Source: James Peltz, L.A.Times (Paid Registration)

California cities and counties will be allowed to establish public banks under a controversial bill signed into law by Gov. Gavin Newsom, making California only the second U.S. state to allow such institutions.

Public banks are intended to use public funds to let local jurisdictions provide capital at interest rates below those charged by commercial banks. The loans could be used for businesses, affordable housing, infrastructure, and municipal projects, among other things.

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