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News Link • Economy - Economics USA

What a Public Bank Could Mean for California

The state's facing big debt, but also big opportunity. California is the eighth largest economy in the world, and it has a debt burden to match. The state has oustanding general obligation bonds and revenue bonds of $158 billion, largely incurred for building infrastructure. Over $7 billion of California's annual budget goes to pay interest onf the state's debt.
As large as California's liabilities are, they are exceeded by its assets, which are sufficient to capitalize a bandk rivaling any in the world. That's the idea behind Assembly Bill 750, introduced by Assemblyman Ben Hueso of San Diego, which would establish a blue ribbon task force to considerthe viability of creating the California Investment Trust, a state owned bank receiving deposits of state funds.

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