California legalized public banks. But can they work?
Public banks could allow government agencies access to low-interest loans for infrastructure or affordable housing
San Francisco and Los Angeles are moving forward with plans to create their own public banks following the passage of historic legislation that made California the second state in the continental US to legalize the financial institutions.
Experts say their success and that of other California counties and cities with similar plans will depend on the governance structures they put in place and the financing they are able to secure.