Posts Tagged: Santiago

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Does public banking loom in California?

A branch of Bank of America in Beverly Hills. (Photo: 4kclips, via Shutterstock)

By law, currently California cities and counties typically have one place to deposit the funds they collect from taxes, fees and fines: private commercial banks. Billions of dollars of public money are handled by commercial banks — for a fee. Despite having billions of dollars banked, municipalities have no say in how their money is used by commercial banks. Bank management, owners and stockholders set policy.

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