#24. Walt McCree: California legalizes public banking, like Alberta and North Dakota

#24. October 13, 2019. My next guest is Walt McCree with the US-based Public Banking Institute (and Associates). Walt and I discuss the importance of this weeks decision of California's State Governor Gavin Newsom that allows California cities and counties to create their own public banks, making the state one of just two (after North Dakota in 1919 and the province of Alberta (Canada) in 1938) to legalize institutions of that kind. Governor Gavin Newsom signed the Public Banking Act, or AB 857, which will allow city and county governments to create, or sponsor, public banks. Those banks will in turn provide public agencies access to loans at interest rates much lower than they could find at private banks. Supporters say the change sets the stage for funding infrastructure demands or providing loans to developers to help meet affordable housing needs.  Walt and I discuss the importance of this historical victory for public banking and why public banking is a key piece of the architecture for building flourishing economies of well-being.