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When a ballot measure that would’ve allowed Los Angeles to start its own public bank was rejected by the city’s voters last year, even proponents of the idea acknowledged that it was a little far out.

Get one of the nation’s largest cities to take the billions of dollars it deposits in big commercial banks and instead park that money in a financial institution that would invest it back into things like affordable housing? It sounded like a progressive pipe dream.

But, as supporters have said, the seed was planted. And now, amid rising anger at the state’s gaping economic inequality, the idea has gotten new momentum with an assembly bill that’s making its way through the State Legislature.