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New California law allows cities, counties to establish public banks

Gov. Gavin Newsom on Oct. 2 signed into law Assembly Bill 857, which allows California cities and counties to establish public banks, the Los Angeles Times reported.

Under the statewide law, local agencies and joint powers authorities can apply to the California Department of Business Oversight for a public banking charter. Voter approval is required before a local agency can submit an application.

The law allows for a maximum of 10 public banks in California.