Gov. Gavin Newsom signed AB 857 into law on Wednesday, authorizing California cities and counties to establish public banks. These banks would be operated by individual municipalities and finance loans for local businesses, affordable housing, infrastructure and other projects at lower interest rates than commercial banks. Proponents of the new law point to rising economic inequality and predatory lending practices by private banks. Those opposed to it emphasize the high start-up costs and lack of government expertise in banking. In this hour, we'll break down how public banking works, how feasible it is and how it could impact Californians.