This article fails to even mention the most important part of municipalities wanting their own banking system: Not giving money to banks. In the early 2000s Sa

This article fails to even mention the most important part of municipalities wanting their own banking system: Not giving money to banks. In the early 2000s San Francisco found that we were paying we were paying (I think it was Wells Fargo) for the privilege of making interest off of us. We weren't making interest, but the fees were forever going up. When we came within just a few votes of creating a bank, we miraculously got a better deal. Considering that these big banks aren't really working in the public interest and are instead playing "too big to fail games" , any bank big enough for our business will never actually have any legal or moral incentive to act in our best interest. Also consider the unbanked. America's banking system is the least fair in the world. Banks which use chexsystems to force poor people into the world of payday loan banking, just shouldn't have the right to federal funds, let alone local funds.