GUESTS: Trinity Tran, Lead Organizer at California Public Banking Alliance.
BACKGROUND: A local measure in Los Angeles, California, last year to establish a public banking system failed. But organizers did not give up and instead set their sights even higher.
A bill, AB 857, introduced by Assemblyman David Chiu to allow municipalities in California to establish their own public banking system.
The bill has now gained steam and is working its way through various committees.
Based on the idea that public money should be held in public institutions rather than private Wall Street banks, organizers are more hopeful than ever for a public banking system to become a reality.
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