On Friday March 29, Los Angeles City Council President Herb Wesson and Councilmembers Paul Krekorian and Paul Koretz introduced a motion to support AB 857, state legislation facilitating the establishment of public banks by cities and counties. The state bill was introduced March 19 by Assemblymembers Miguel Santiago and David Chiu and is sponsored by California Public Banking Alliance.
Strong support from a city with the influence of Los Angeles is a significant step in building momentum to pass the state bill. Public bank winds are building quickly in California, and it's said that "where California goes, the country follows." California's success could set the stage for public banking to sweep across the rest country.
Share this blog post with your friends!