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Bank of America

How a California Public Bank could fix the freeways, send kids to college and ambush Wall Street

How a California Public Bank could fix the freeways, send kids to college and ambush Wall Street

Republicans are dead set on rolling back regulations passed to restrain Wall Street and big banks from repeating the kind of shenanigans that fueled the 2008 financial collapse. Rather than fight a losing battle at the federal level, advocates for a secure, accountable and transparent financial system should channel their energy in a different direction: chartering public banks in every state.

The Bank of North Dakota is the model. Chartered in 1919, it is the nation’s lone public bank. It was set up, as the Wall Street Journal described it, “under a socialist-oriented government that represented farmers frustrated with out-of-state commodity and railroad owners.” Today, the Bank of...

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