California Rebukes Predatory Wall Street Megabanks With New Public Bank Law.

California Gov. Gavin Newsom on Wednesday signed into law historic legislation that would allow the state’s cities and counties to establish public banks as an alternative to private financial institutions, a move advocates hailed as a “stunning rebuke to the predatory Wall Street megabanks that crashed the global economy in 2007-08.”

Trinity Tran, co-founder of Public Bank LA, said Newsom’s decision to sign the Public Banking Act (A.B. 857) despite fervent opposition from the state’s business lobby “is a testament to the power of grassroots organizing.”

“The people of California just went up against the most powerful corporate lobby in the country — and won,” Tran said in a statement. “Now is our moment in history to lead the nation by re-envisioning finance and recapturing our money to benefit our local communities by building a new system that works for the greater good.”

truthout.org

by Jake Johnson

October 3, 2019



Copyright © 2020 Bond Case Briefs | bondcasebriefs.com