Some places are starting to do this. Scotland just passed a "community wealth building" initiative that's based, ironically enough, on Cleveland OH's case example of reinvesting in their own community. "Spend local" but taken further.
https://www.democracycollaborative.org/blogs/a-world-first-community-wealth-building-legislation-in-scotland
https://community-wealth.org/content/cleveland-model-how-evergreen-cooperatives-are-building-community-wealth