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Lead Authors: Chiu, Santiago

Summary: Nationally-owned banks dominate the financial marketplace, and time and again, invest resources in causes opposed to the values of Californians. Wall Street-backed banks often charge whatever exorbitant fees they can, enabled by their stranglehold on the market. AB857 allows local governments to sponsor public banks, which will be FDIC-insured, likely to charge lower fees and invest in locally-oriented resources while increasing competition in the marketplace. This bill passed and was signed into law.