CA Wants State-Run Bank

Once an idea batted around mostly in Occupy Wall Street circles, public banking is attracting a surge of interest among policymakers in several states, including California.

“We must break Wall Street’s chokehold on state finance and develop our own state bank,” Gov.-elect Gavin Newsom said on the campaign trail.

If California had a bank controlled by the government rather than profit-hungry shareholders, public banking advocates argue, the state could fund social goods that often get the cold shoulder from commercial institutions: infrastructure projects, low-interest student loans and affordable housing.

https://www.chicoer.com/2018/12/28/could-california-succeed-where-wall-street-fails-five-things-to-know-about-a-state-run-bank/