posted by PUBLIC BANKING INST
February 07, 2019
SF Public Bank at City Hall. Photo courtesy SF Public Bank
On Tuesday, Feb 5, the San Francisco Board of Supervisors unanimously approved a resolution by Sup. Sandra Lee Fewer that supports state legislation that would authorize local government bank charters. As reported by Tim Redmond in 48 Hills:
“The more cities get on board, the more pressure legislators will face to approve enabling legislation that would clear the way for a San Francisco public bank.
“And the overwhelming support in this city suggests strongly that this is an issue whose time has come.”
The vote followed a special joint hearing Monday held by the State Assembly Banking and Finance Committee, and a long line of speakers at City Hall who spoke in favor of the resolution.
Earlier in January, SF advocates met with unexpected overflow crowds (Facebook link), including Sup. Fewer, for their People vs Wall Street campaign launch (Facebook link). The launch was covered by media outlet El Techolote and KALW public radio.
Ian Firstenberg at the El Techolote writes:
“The coalition’s primary goal is to take power from the capitalist establishment and give the people control over their own money. …
“SF Public Banks Coalition co-founder Jackie Fielder, who said she was inspired to help build the movement after witnessing firsthand the violence that erupted at Standing Rock in 2016, listed a few of the principles that would ideally guide the coalition’s bank. They include: local control, community wealth building, public welfare, accountability and transparency, service to underserved communities, Indigenous rights, and of course public ownership.”
“Indigenous water protectors have pushed for cities to divest taxpayer money from private banks that financially support oil pipelines, and proposed creating public banks instead. Advocates say a bank funded by – and accountable to – the public could better direct its resources to community-serving projects. What would a financial institution accountable to the public look like?”