California News

Los Angeles Lawmaker Proposes Making A Publicly Owned Bank Operated By The State To Help With Economic Recovery

LAist-


Under a proposal from a Los Angeles lawmaker, a statewide, publicly-owned bank could be created to help with economic recovery as California continues to grapple with the coronavirus pandemic.

Assembly Bill 310 would set up a banking system owned and operated by the state rather than private investors. Initially, it would operate using existing funds from “I-Bank,” a state entity that issues bonds for infrastructure and private development projects.

Assemblyman Miguel Santiago, who co-authored the bill, says the bank would fill a void where Wall Street and the federal government have failed small businesses and underserved communities.

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