By Susan Arbetter City of Albany PUBLISHED 7:34 PM ET May. 27, 2021 PUBLISHED 7:34 PM EDT May. 27, 2021
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In 2014, Greenidge Generation, owned by Atlas Holdings, took over a formerly defunct coal-fired power plant in Torrey, near Seneca Lake.
Later, Greenidge pivoted to mining cryptocurrency, which needs both fresh water and lots of inexpensive electricity. Upstate New York has both, which may lead to more cryptocurrency mining.
The allure of cryptocurrency is that transactions are instantaneous, secure and very difficult to trace. The most concerning problem with cryptocurrency is that mining it takes terawatts of energy, and thousands of computers running all day and night.
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Assemblywoman Sharon Quirk-Silva (D – Fullerton) presented her legislative package addressing housing and homelessness in Assembly policy committees. All of the bills have passed, with most receiving bi-partisan support.
“The impacts of the pandemic have been felt by all Californians. I wanted to have my housing and homelessness legislation reflect these hardships surrounding the continued evolving challenges for many of our residents. I believe that my legislation will assist our most vulnerable community members by providing essential changes and security for our residents,” said Assemblywoman Quirk-Silva. “As a life-long resident of Orange County I have seen the dire effects of homelessness and how the need for affordable housing is driving many of our younger residents to leave. My goal is have my legislation continue to make a difference in the lives of those here in Assembly District 65.”
Dive Brief:
California lawmakers are backing a bill to create BankCal, a government program that would offer a zero-fee, zero-penalty consumer banking option to the state’s residents. The measure is aimed at protecting consumers who lack access to traditional banking services from predatory, discriminatory, and costly alternatives.
Assembly Bill 1177, which lawmakers and advocates unveiled last week, would establish a Public Banking Option Board, which would partner with financial institutions to offer the free accounts. California employers with five or more employees would be required to facilitate direct deposit, when requested, into the account.
The bill is scheduled to be heard April 29 before the Assembly Banking and Finance Committee.
Banking can be expensive, especially for low-wage workers.
A score of California lawmakers has signed on to a new bill designed to offer Golden State households free financial services, taking on the state’s powerful banks at a time when easier access to banking services could help families cope with the economic fallout of the COVID-19 pandemic.
If it passes, the California Public Banking Option Act would create BankCal, the first state government program in the nation to offer universal consumer banking, according to financial policy experts. The program would provide no-fee debit cards, direct deposits from employers and government agencies, electronic bill payment and ATM access, directly competing with private banks.