Why should private actors benefit exclusively from wealth creation?
Public entities can use interest rates from low-cost loans to subsidize public infrastructure, lessening tax burdens for citizens while promoting economic and social security. California is on the path to making this idea a reality:
The Public Banking Act “AB 857” passes the California Assembly! The Public Banking Institute http://www.publicbankinginstitute.org/the_public_banking_act_ab_857_passes_the_california_assemblyPublic banking promises positive social transformation. The Green New Deal figures among the many infrastructure project that could be supported with public financing.
The Public Banking Act, “AB 857,” has taken public banking a historic step forward in passing the California Assembly yesterday 41 Aye's to 26 No's. The bill now proceeds to the CA Senate.
Assemblymember Miguel Santiago, the bill's co-author, tweeted “The CA Assembly just sent a historic message to Wall Street banks that we're going to put people over profits - not the other way around.”
California Public Banking Alliance co-founder Trinity Tran tweeted, “This is California’s moment to take the lead in creating a banking option that will strengthen rather than extract profit & resources from our communities.”
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