San Francisco Submits Plans for a Public Bank to Fund Sustainable and Equitable Economic Recovery
This press release was originally issued by Supervisor Dean Preston. San Francisco, CA — As the city and the country grapple with the ongoing instability and collapse of the banking industry, the San Francisco Reinvestment Working Group advances a plan to create a municipality-owned bank. The Public Bank proposal offers a game-changing tool as the city navigates ongoing concerns with the post-pandemic economic recovery. The plans focus on the next steps and investments that the city can take to create a public bank, including financing for affordable housing, small businesses, and green investments. The RWG’s approval includes a business and governance plan for creating a publicly owned municipal financial corporation (MFC) and for converting the MFC into a full San Francisco public bank. “As we continue to chart a path to economic recovery and a sustainable economy, the Working Group’s business and governance plans provide the road map for ...