By Tim Redmond : 48hills – excerpt
The Government Audit and Oversight Committee passed unanimously a plan that could lead to a public bank in San Francisco, and the item will come before the full board Tuesday/15.
The concept has been years in the making, and the bill by Sup. Dean Preston would set up a committee of experts with the task of drafting plans for a municipal bank within one year…
There are lots of options on how the bank could operate and what it could do. That would be worked out by the panel. The bank could, according to the supes Budget and Legislative Analyst,…
Both models feasible and could operate profitability. We recommend that the City establish a non-depository MFC, at least initially, for lower operating costs, bigger impact, and no requirement for FDIC approval…(more)
This is great news. I did not know about that option.