The Board of Supes is poised to take the next step toward creating a public bank in San Francisco.
The Government Audit and Oversight Committee will consider Thursday/3 a measure that would set up a committee with a mandate to develop a working municipal banking plan within one year…(more)
and… via email form SF Public Bank…
SFPBC Gearing Up for SF Reinvestment Hearing June 3rd!
Public Banking in San Francisco takes a giant step forward Thursday, June 3rd when the Reinvest in San Francisco Ordinance is brought before the Government Audit & Oversight Committee. Committee Chair Dean Preston will present the legislation that empowers a Working Group to plan chartering a San Francisco public bank that will play a critical role in rebuilding the post-Covid economy.
Mark Thursday June 3rd at 10 am on your calendar so you can hear the details of the legislation and provide public comment in support of public banking. Feel free to offer ideas of how a public bank can support affordable housing. Let the supervisors know how important it is that the City’s money be used for investing in our communities, not enriching Wall Street banks.
If you are a small business owner, or know of businesses that need a source of funds to survive the shutdown, let supervisors know how important it is to support local businesses that make SF the incredible city it is. Your ideas for climate resilient infrastructure in need investment dollars will help build momentum needed to pass and implement the Reinvest in SF Ordinance. Make your voice heard!
Watch the hearing via
SFGovTV – www.sfgovtv.org
Cable Channel 26, 78 or 99 (depending on provider)
For guidelines on how to make a public comment at the hearing go to https://docs.google.com/document/d/1NPJLRxMT4lrzBX2fw7aIHWLiplCFCJ3ioC3iEVi91yM/edit?usp=sharing
Other Public Banking News
Banking Locally Keeps More Money in SF
The SF Public Bank Coalition is working tirelessly to establish a public bank for San Francisco so that the City’s money can be divested from Wall Street banks. We’ve grown tired of seeing funds collected by the Treasurer’s office being used to grow profits for distant megabanks which provide funding for oil pipelines, private prisons, weapons manufactures and other ventures most San Franciscans deplore.
As an individual, you can divest by depositing your savings in local credit unions and community banks that provide similar banking services, but are more likely to invest locally. Because they are not-for-profit, their services are often cheaper. For instance, many credit unions allow you to use ATMs from any bank at no cost, have no minimum balance requirement and offer free checking accounts.
After the SF Public Bank is off and running, most lending will be done in collaboration with local financial institutions. Community banks and credit unions are better at serving the needs of small businesses and SF residents than distant corporate banks who care more about their shareholders than our communities.
The SFPBC is looking to work with local financial institutions in developing our public bank business plan. If you work in a credit union or community bank, please contact the SFPBC to see how you can help move our work forward. You can reach the SFPBC at publicbanksf@gmail.com