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.