{"id":26650,"date":"2023-05-22T14:18:07","date_gmt":"2023-05-22T21:18:07","guid":{"rendered":"https:\/\/occupysf.net\/?p=26650"},"modified":"2023-05-22T14:18:08","modified_gmt":"2023-05-22T21:18:08","slug":"sfs-public-bank-plan-set-to-go-before-board-of-supervisors","status":"publish","type":"post","link":"http:\/\/occupysf.net\/index.php\/2023\/05\/22\/sfs-public-bank-plan-set-to-go-before-board-of-supervisors\/","title":{"rendered":"SF&#8217;s public bank plan set to go before Board of Supervisors"},"content":{"rendered":"\n<ul>\n<li><a href=\"https:\/\/www.sfexaminer.com\/users\/profile\/James%20Salazar\">By James Salazar | Examiner staff writer<\/a><\/li>\n\n\n\n<li>May 19, 2023\u00a0Updated\u00a04 hrs ago  (SFExaminer.com)<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/bloximages.chicago2.vip.townnews.com\/sfexaminer.com\/content\/tncms\/assets\/v3\/editorial\/a\/69\/a694b771-d14e-57e5-a6f9-4f7454444210\/628e39b09fc84.image.jpg?resize=400%2C267\" alt=\"19398862_web1_Publicbank_1\"\/><figcaption class=\"wp-element-caption\">Public bank supporters believe its creation would aid in San Francisco&#8217;s post-pandemic recovery as investments are made back into the community.Examiner file photo<\/figcaption><\/figure>\n\n\n\n<p>San Francisco could soon launch its own bank.<\/p>\n\n\n\n<p>The San Francisco Reinvestment Working Group (RWG),&nbsp;<a href=\"https:\/\/sfgov.org\/lafco\/reinvestment-working-group\" target=\"_blank\" rel=\"noreferrer noopener\">an advisory committee<\/a>&nbsp;tasked with exploring the creation of a municipality-owned bank, voted to advance the plan during a specialty meeting on Thursday.<\/p>\n\n\n\n<p>The RWG proposal would set up a publicly owned&nbsp;<a href=\"https:\/\/sfgov.org\/lafco\/sites\/default\/files\/rwg051823_MFC-Final.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">municipal financial corporation<\/a>&nbsp;(MFC) that will invest in key city needs, such as affordable housing, small businesses, and&nbsp;<a href=\"https:\/\/www.sfexaminer.com\/news\/climate_change\/will-san-francisco-embrace-a-green-bank\/article_ac3eaab0-b240-11ed-b856-8f9df7f294f0.html\" target=\"_blank\" rel=\"noreferrer noopener\">green infrastructure<\/a>.<\/p>\n\n\n\n<p>Supervisor Dean Preston said the plan sets the stage for the creation of &#8220;the first municipal public bank in the nation.&#8221;&nbsp;&nbsp;<\/p>\n\n\n\n<p>\u201cAs we continue to chart a path to economic recovery and a sustainable economy, the Working Group\u2019s business and governance plans provide the road map for our city to create the first municipal public bank in the nation, a crucial strategy to ensure that our city funds are used to reverse inequities, not perpetuate them,\u201d he said in a statement.<\/p>\n\n\n\n<p>\u201cThe final plans submitted by the RWG is a huge step forward in turning the public bank concept into a reality.&#8221;<\/p>\n\n\n\n<p>The MFC will eventually be converted into&nbsp;<a href=\"https:\/\/sfgov.org\/lafco\/sites\/default\/files\/rwg051823_PublicBankFinal.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">a public bank<\/a>&nbsp;regulated by the Federal Deposit Insurance Corporation and California Department of Financial Protection and Innovation.&nbsp;<\/p>\n\n\n\n<p>Proponents see the bank aiding San Francisco&#8217;s post-pandemic recovery as bank profits would be directed to The City.&nbsp;<\/p>\n\n\n\n<p>&#8220;The reinvestment working group has done excellent work,&#8221; Jackie Fielder, co-founder of the&nbsp;<a href=\"https:\/\/www.sfpublicbank.org\/\" target=\"_blank\" rel=\"noreferrer noopener\">San Francisco Public Bank Coalition<\/a>, said in a statement.<\/p>\n\n\n\n<p>&#8220;They&#8217;ve delved into the existing gaps for small businesses, affordable housing, and green energy, especially post-pandemic. Our city urgently needs a public bank for economic recovery, and the plan provides officials with a no-brainer blueprint.&#8221;<\/p>\n\n\n\n<p>The RWG&#8217;s plans and studies will be presented&nbsp;to the Board of Supervisors in July.&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.sfexaminer.com\/users\/profile\/James%20Salazar\"><img decoding=\"async\" src=\"https:\/\/bloximages.chicago2.vip.townnews.com\/sfexaminer.com\/content\/tncms\/avatars\/4\/ef\/917\/4ef917fc-d70b-11ec-a203-bf72021caa8e.9be250065332c15dfd08167abfd38956.png?_dc=1666718661\" alt=\"James Salazar\"\/><\/a><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><a href=\"https:\/\/www.sfexaminer.com\/users\/profile\/James%20Salazar\">James Salazar<\/a><\/h4>\n\n\n\n<p>News Producer<\/p>\n\n\n\n<p><em>James Salazar is a social media producer and a digital news producer for the San Francisco Examiner.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>San Francisco could soon launch its own bank. The San Francisco Reinvestment Working Group (RWG),&nbsp;an advisory committee&nbsp;tasked with exploring the creation of a municipality-owned bank, voted to advance the plan during a specialty meeting on Thursday. The RWG proposal would set up a publicly owned&nbsp;municipal financial corporation&nbsp;(MFC) that will invest&#8230; <a class=\"continue-reading-link\" href=\"http:\/\/occupysf.net\/index.php\/2023\/05\/22\/sfs-public-bank-plan-set-to-go-before-board-of-supervisors\/\"> Continue reading <span class=\"meta-nav\">&rarr; <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[626],"_links":{"self":[{"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/26650"}],"collection":[{"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/comments?post=26650"}],"version-history":[{"count":1,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/26650\/revisions"}],"predecessor-version":[{"id":26654,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/26650\/revisions\/26654"}],"wp:attachment":[{"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/media?parent=26650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/categories?post=26650"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/tags?post=26650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}