The state is on the verge of taking steps to address a crisis of liquidity that has forced it to sell off some of its bank properties.
California is also preparing to consider buying the debt of California Bank of the West, which was the largest lender in the state before it went under in January.
Gavin Newsom said Monday that he wants to make sure the state is ready to go back to the financial markets.
The state will likely also consider buying a loan for the state’s largest bank, which has struggled financially.
The California state treasurer is also considering taking over the operation of the California Bank National Association.
The CABNA is a nonprofit organization that helps state banks to provide loans to borrowers.
Citigroup’s purchase of the banks is the latest sign that California is poised to be a major player in the financial sector.
Citi will also have a financial adviser on the board of the new entity, according to a statement from California Treasurer David Chiu.
The sale of the Bank National Associations’ properties is a milestone in the transition to a new financial system that has come under increasing scrutiny as states and local governments grapple with financial crisis.
The federal government has been pressuring states to adopt more stringent financial oversight measures to prevent another financial crisis, but state officials have been reluctant to step in.
Citizens United v.
Federal Election CommissionThe decision by the Supreme Court to allow corporations and unions to spend unlimited amounts of money on elections was one of the most important legal changes of the last decade, said Paul Levinson, a professor of law at the University of Pennsylvania.
Levinson said the decision to allow for unlimited spending by corporations and union groups on federal elections was a huge win for Americans.
He added that the ruling is one of those “crony capitalism” changes that can be reversed by Congress or other regulatory bodies.