{"id":19404,"date":"2021-07-18T13:22:05","date_gmt":"2021-07-18T20:22:05","guid":{"rendered":"http:\/\/occupysf.net\/?p=19404"},"modified":"2021-07-18T13:22:07","modified_gmt":"2021-07-18T20:22:07","slug":"san-francisco-plans-for-a-municipal-finance-corporation-and-public-bank-supervisors-approve-mayor-signs-off","status":"publish","type":"post","link":"https:\/\/occupysf.net\/index.php\/2021\/07\/18\/san-francisco-plans-for-a-municipal-finance-corporation-and-public-bank-supervisors-approve-mayor-signs-off\/","title":{"rendered":"San Francisco plans for a municipal finance corporation and public bank: Supervisors approve, Mayor signs off"},"content":{"rendered":"\n
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San Francisco\u00a0plans for a municipal finance corporation and public bank: Supervisors approve,\u00a0Mayor signs off\u00a0\u00a0<\/strong>

July 17, 2021 (info@publicbankinginstitute.org)

In a major victory for public banking advocates, San Francisco’s Board of Supervisors voted unanimously on June 15th to establish the\u00a0San Francisco Reinvestment Working Group<\/a>\u00a0tasked with developing business and governance plans for both a non-depository Municipal Finance Corporation and for a public bank. The ordinance was signed by Mayor London Breed, following 30 hours of city budget negotiations.\u00a0

Authored by Supervisor Dean Preston, the ordinance creates a nine-member working group that includes\u00a0four community leaders, three financial institution experts, and one representative each from the city’s Controller and Treasurer’s offices. It gives the working group one year to deliver the plans.\u00a0Budget negotiations with the mayor allocated\u00a0$375,000 for the effort.

The Supervisors’\u00a0Budget and Legislative Analyst report<\/a>\u00a0contained strong recommendations for moving forward, concluding:\u00a0\u201cBoth models [are] feasible and could operate profitability<\/strong>. We recommend that the City establish a\u00a0non-depository<\/em>\u00a0MFC, at least initially, for lower operating costs, bigger impact, and no requirement for FDIC approval.\u201d

KPIX San Francisco<\/a>\u00a0quoted Supervisor Preston:\u00a0\u201cThe pandemic has laid bare the deep disparities that exist along social, economic, and racial lines. As we chart a path to economic recovery, we need to look beyond corporate banks that prey on our most vulnerable communities.\u201d
[watch the meeting<\/a>]
[read the BLA report<\/a>]

Read more about California’s broad progress including updates on LA as well as the Central Coast effort\u00a0in\u00a0Scott Scoriano’s article<\/a>\u00a0in\u00a0Capitol Weekly<\/em>.\u00a0<\/td><\/tr><\/tbody><\/table>\n","protected":false},"excerpt":{"rendered":"

San Francisco\u00a0plans for a municipal finance corporation and public bank: Supervisors approve,\u00a0Mayor signs off\u00a0\u00a0 July 17, 2021 (info@publicbankinginstitute.org) In a major victory for public banking advocates, San Francisco’s Board of Supervisors voted unanimously on June 15th to establish the\u00a0San Francisco Reinvestment Working Group\u00a0tasked with developing business and governance plans for… Continue reading → <\/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":[],"_links":{"self":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/19404"}],"collection":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/comments?post=19404"}],"version-history":[{"count":1,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/19404\/revisions"}],"predecessor-version":[{"id":19406,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/19404\/revisions\/19406"}],"wp:attachment":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/media?parent=19404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/categories?post=19404"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/tags?post=19404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}