California could soon have its own public banking service, under new law signed by Gavin Newsom

California set a course to offer the nation’s first zero-cost, public option platform for personal financial services, under a new law signed by Gov. Gavin Newsom.

Assembly Bill 1177, authored by Assemblyman Miguel Santiago, D-Los Angeles, calls for the state to conduct a market analysis of a state-backed program that would give Californians a public option for banking services like debit cards.