AUSTIN (KXAN) -- Next week, Austin City Council members could vote to kickstart a feasibility study for the creation of a "public bank," which "is owned and operated by a public institution, such as a municipal government," according to council documents. Brought forward by Council Member Zohaib "Zo" Qadri -- and co-sponsored by members Ryan Alter, Vanessa Fuentes and José ''Chito'' Vela -- the resolution asks the city manager to look at any legal barriers and possible models for creating a public bank. "Local governments pay oversized fees to private banks to manage their deposits and payments, and a public bank can provide services and credit 'at cost,' returning any profits to
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