LOS ANGELES — Two California lawmakers proposed legislation this week that would allow municipalities to create their own local or regional banks, calling it a way"to fight income inequality through public banking."
Chiu added,"Time and time again, we have seen big banks invest our money in institutions most Californians are opposed to — oil pipelines, gun manufacturers, private prisons, and companies with unfair labor practices. This legislation allows us to take a first step towards ensuring the public's money is used for public good.""We are opposed to the bill," said Beth Mills, a spokesperson for the California Banking Association.
Critics have suggested the new banks could expose California taxpayers to financial risk. However, the legislation mandates that the new banks would need to obtain and maintain deposit insurance from the Federal Deposit Insurance Corp. or others, such as private share insurance or self-insurance.As a candidate, Democratic Gov. Gavin Newsom showed support for the idea of the state taking a bigger role in banking.
Why would the Big Banks care, only the legal, subprime lenders will be affected! Right now the best rates are still with the corner loan shark!
State takeover of everything is Dems goal. Communism!
Cant wait till california implodes
Indiana, went to to a BMOHarrisBank machine on Saturday, looking to make a $20 withdrawal. Normally I use a Credit Union, but this was closest machine. BMO wanted to charge $5 for a withdrawal. Consider this is 2hrs pay for restaurant waitstaff. Consumers need other options.
California Bill.
Misguided Democrats? That's surprising.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bubble Watch: College basketball winners, losers among borderline NCAA tournament teamsUSA TODAY Sports takes a look at the teams that boosted their NCAA tournament profiles and some who could be in trouble heading into March Madness.
Source: USATODAY - 🏆 100. / 63 Read more »
Who won 'The Bachelor'? Here's what happened in the finaleMonday night's dramatic installment of the two-part finale saw two contestants leave the show. TODAYshow Is this news? TODAYshow A booger in my nose has more meaning to me than that idiotic show TODAYshow who gives a shit?
Source: NBCNews - 🏆 10. / 86 Read more »
New York Times: New York attorney general subpoenas two banks related to Trump Organization projectsNew York attorney general has issued subpoenas to two banks related to Trump Organization projects, the New York Times reports andersoncooper Its almost like they are trying to prosecute polictal opponents andersoncooper more a.s.s.--allegations speculations smoke-fake news. nothing but a.s.s. andersoncooper I cut any cnn with Metamucil so it stays with me for less than an hour. 💩
Source: CNN - 🏆 4. / 95 Read more »
Exclusive: Two Belgian women, renouncing Islamic State, fear kids will never go homeTwo Belgian women who joined Islamic State in Syria said on Sunday they were los... Train left the station. They are not Belgium's problem, they are not America's problem. That is all. Because of the actions of their mothers. Nobody is at fault here except those two.
Source: Reuters - 🏆 2. / 97 Read more »
Nearly two-thirds of Americans are confused about this simple way to save for retirementNearly two-thirds of Americans are confused about this simple way to save for retirement via CNBCMakeIt MakeIt But they sure know how to complain about their tax returns being smaller MakeIt MakeIt
Source: CNBC - 🏆 12. / 72 Read more »
The stock market and the economy are telling two different storiesThe S&P 500's price-earnings ratio is suggesting the market is ignoring the economic reality, according to Tom Essaye, founder of Sevens Report Research. Fake. Very, very fake economy. All the markets bottomed out on Dec 24th, when regular people would never have an opportunity to buy. Have the algorithms thought of every way to screw the little guy? A WallStreetTax could mitigate the technology that trades at the speed of light.
Source: CNBC - 🏆 12. / 72 Read more »
Two longest tenured GE board members retiring with no proposed replacementsGeneral Electric will ask shareholders this year to nominate only 10 directors to the company's board, as GE's two longest tenured directors will be retiring, according to a filing submitted Friday. Why tenure board members ? Given GE’s performance over the period, isn’t this a win?
Source: CNBC - 🏆 12. / 72 Read more »
Samsung planning two new foldable phones in the fight to make people care about smartphones againSamsung is reportedly building two foldable phones in addition to the Galaxy Fold, one of which might launch as soon as this year.
Source: CNBC - 🏆 12. / 72 Read more »
Nancy Pelosi has a two-track strategy on impeachmentAnalysis: No, the speaker won't move to impeach the president if she doesn't have the votes — but her committees are doing the work right now. My money is on Pelosi McConnell would shut her out. She’s been having a constant seizure for years and no one will help her.
Source: NBCNews - 🏆 10. / 86 Read more »
Two men arrested in killing of LGBTQ lawmaker Marielle Franco, Brazil police sayBrazil police arrest 2 suspects in killing of LGBTQ lawmaker Marielle Franco and her driver, a brazen assassination that shocked and angered Brazilians and sparked protests in several countries. - NBCOUT NBCOUT SecPompeo should condemn this heinous crime NBCOUT Give them a medal NBCOUT I hope justice will be served now that these criminals have been apprehended. The point I want to make is that when people have beliefs rooted in fear, they act out of fear & often do terrible things, like murder people because of sexual or social orientation. Get a grip on Fear.
Source: NBCNews - 🏆 10. / 86 Read more »
Steelers agree to trade Antonio Brown to Raiders for two draft picksPittsburgh will send the all-pro wide receiver to Oakland for third- and fifth-round selections, after his relationship with the team became frayed. Oakland, where promising careers go to die. 🤦♂️🤦♂️🤦♂️
Source: washingtonpost - 🏆 95. / 72 Read more »