Public Bank LA, one of the supporters of law, thanked Gov. Newsom for signing AB 857 into law.
WE MADE HISTORY. Thank you Governor @GavinNewsom for signing #AB857. Public banking is officially law in California!!!
Activists working together from across the state took on the most powerful industry on the planet- and won. #PeopleOverProfit #MainStreetNotWallStreet pic.twitter.com/0f4ltkAn5O
— Public Bank LA (@publicbankla) October 2, 2019
California is the second state to enact a statewide public banking statute. In 1919, North Dakota formed its public banking because of its belief that farmers were suffering from paying high interest rates. A great majority of North Dakotans (9 of 10) were farmers at the time.
