CHAPTER 3. THE CALIFORNIA INVESTMENT TRUST
17752. (a) The California Investment Trust is hereby established
within state government as an independent entity.
(b) The purposes of the California Investment Trust are all of the
(1) Supporting the economic development of the state by increasing
access to capital for businesses and farms within the state in
partnership with local financial institutions.
(2) Providing stability to the local financial sector without
entering into competition with community banks, credit unions, or
other financial institutions.
(3) Reducing the cost paid by state government for banking
(4) To return profits, beyond those necessary to accomplish the
mission and sound operations of the trust, to the General Fund.
See also:, which is where I learned about the CA bill.
I have mixed emotions about this movement, but on balance, it is much better to head in this direction than it is to retain the current Federal Reserve System approach. I've been following the "progress" of the Fed. While there have been reforms and more are in the works, it's too little, too late; and, the history of the Fed suggests that it is not to be trusted -- never was.
I've also watched the evolution of Ellen Brown's thinking. Ellen heads up the Public Banking Institute. Even though a number of people in the "Monetary Reform Movement" who support The NEED Act have attacked Ellen rather than working to the point of mutual understanding that there is good in both The NEED Act and Ellen's public-banking efforts (the argument has been over fractional-reserve banking, per se and not private v. public ownership and control), Ellen has remained civil and open to all of the concepts in The NEED Act (which I've said from the outset require modernizing and further clarification within the bill itself and not simply in external marketing-literature).