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Subcommittee backs study commission to assess a California public bank amid banking industry opposition
Summary
The committee voted to advance AB2243, which would form a commission to analyze whether a state public bank could reduce public borrowing costs and expand financing for housing, climate and local development; proponents emphasized study scope while bankers raised cost and regulatory concerns.
The Assembly subcommittee voted to advance AB2243, a bill that would create a commission to study the feasibility, capitalization and governance options for a potential California state public bank.
Senator Haney, the bill's author, told the panel the measure is intended as a "lever-based approach" to develop a long-term roadmap for how a state bank could complement existing financing tools to address infrastructure, housing and climate resilience financing gaps. "This bill instructs the commission to create a plan ... that prioritizes the public good by financing…
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