Tag: SF public bank

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The Power of Public Banking

Watch our new video: Unlocking the Power of Public Banking!

We’re excited to share a new video that will shape the future of your community and pave the way for economic prosperity. As passionate advocates in this ongoing journey, our latest explainer video shows the transformative potential of public banks and how they prioritize people over profits and drive community-focused projects. It’s a big step forward in our ongoing quest to champion public banking for a future that’s all about fairness and growth.

Unlocking the Power of Public Banking: Public banks are a financially secure solution, dedicated to funding critical community projects like local revitalization efforts, transit systems, green infrastructure, and affordable housing. Unlike traditional banks, public banks channel banking revenue back into our communities, not shareholder profits.

Your Community, Your Choice: The democratic essence of public banks will empower us to define our community’s future and needs, as these banks operate as public utilities rather than profit-driven entities. Community members have a say in what gets funded, impacting everything from school improvements to renewable energy projects.

Supporting Sustainability and Resilience: Public bank loans are pivotal in advancing climate justice by reducing costs associated with energy-efficient housing and sustainable transportation. By partnering with community banks and credit unions, public banks level the playing field against Wall Street megabanks, supporting local small business growth.

Financial First Responders in Tough Times: In times of crisis, public banks emerge as financial first responders, swiftly financing reconstruction efforts after disasters. These public servants understand their community’s unique needs, ensuring a faster recovery and a resilient future.

 

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Huge Victory for SF Public Bank!

via email:

SF Board of Supervisors Passes Reinvest in San Francisco
Supes Vote 10-0 for a SF Public Bank!

The San Francisco Board of Supervisors took a giant step for public banking June 15 by voting 10-0, a veto-proof majority, to pass the Reinvest in San Francisco Ordinance, legislation introduced by Supervisor Dean Preston to rebuild the COVID-devastated economy with a public bank.

Reinvest In San Francisco builds on years of work by the San Francisco Public Bank Coalition, former Supervisors John Avalos, Malia Cohen and Sandra Lee Fewer, and many others who see the need for a municipal bank to counter the concentrated power of Wall Street banks. This legislation will result in San Francisco redirecting a portion of the city funds from “too big to fail” banks into the hands of community banks, credit unions and Community Development Financial Institutions (CDFIs) that invest to benefit SF communities.

The Process for Starting the Public Bank

Reinvest in SF sets up a Working Group which will develop the plan for establishing our bank. Last year, an extensive report by the Budget and Legislative Analyst on a Municipal Bank for San Francisco recommended a phased-in transformation of City banking by beginning with a non-depository municipal financial corporation (MFC). Lending by the MFC will finance loans for small businesses, affordable housing and sustainable infrastructure enabling a smooth transition into a public bank. The Working Group will produce a business plan for the Board of Supervisors that will be sent to State regulators for approval.

Once chartered, under the rules of The Public Bank Act (AB857) signed into law last year, SF will have its own municipal public bank. As a depository bank, it will be able to leverage its capital multiple times in loans, greatly expanding its lending capabilities.

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Supes to vote on public bank plan

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.