Will California be the first State With Exchanges?

California Lawmakers Approve Legislation To Create Health Insurance Exchange.
The Wall Street Journal (8/26, Mathews, subscription required) reports that California lawmakers have passed legislation which allows the creation of a health insurance exchange, or a marketplace, through which millions of residents can purchase coverage. If Gov. Arnold Schwarzenegger (R) signs the legislation, as he is expected to, California would be the first state to implement the exchanges which are required by the healthcare law to be operational by 2014. The Journal says that increasing health premium costs spurred the lawmakers to take this action, and notes that, according to experts, about 8.3 million Californians could use this exchange, making it the largest one created by a state.