California To Open "Local Banks"

carly | Oct 3, 2019 | 43 posts since 2011

California just passed a law to allow local communities to open their own banks. Details are sketchy but it sounds like it's in response to the need for banks to handle marijuana money, although the articles aren't mentioning that now.

It sounds like they'll have no backup insurance and are being encouraged to invest customers money in "affordable housing and infrastructure" projects that couldn't possibly fail, right?

Local story is linked below. Anyone else think this is a disaster in the making?

https://sacramento.cbslocal.com/2019/10/02/new-california-law-local-government-banks/?fbclid=IwAR2PyN4k4FdiOkEg5Z6_7svnnHmGaGnXT4NLRD1FAixQLk3QYENABIkMITs

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