A financial revolution has begun in California. The Governor, Gavin Newsom, has just signed #AB857 Public Banks into law, making it possible for California cities and counties to take control of their banking system through the creation of public banks.
With public banks, interest and profits belong to the community, and they are returned to the community. This is in direct contrast to the Wall Street model where money disappears from the community and ends up in the pockets of a very select few.
In New Zealand, a comparison for a public bank would be a supercharged version of Kiwibank, only town and city councils would put their funds there, similar to the way in which the State of California will under their new plan.
Here is a 16 minute interview with David Jette of Public Bank LA. David says public banks will help cities and counties invest in affordable housing and renewable energy.