{"id":26799,"date":"2023-06-02T13:11:10","date_gmt":"2023-06-02T20:11:10","guid":{"rendered":"https:\/\/occupysf.net\/?p=26799"},"modified":"2023-06-02T13:11:12","modified_gmt":"2023-06-02T20:11:12","slug":"san-franciscos-plans-for-a-municipal-finance-corporation-and-a-public-bank-advance-to-the-board-of-supervisors","status":"publish","type":"post","link":"https:\/\/occupysf.net\/index.php\/2023\/06\/02\/san-franciscos-plans-for-a-municipal-finance-corporation-and-a-public-bank-advance-to-the-board-of-supervisors\/","title":{"rendered":"San Francisco’s\u00a0plans for a Municipal Finance Corporation and a Public Bank\u00a0advance\u00a0to the Board of Supervisors"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

June 1, 2023 Public Banking Institute<\/strong>\u00a0(info@publicbankinginstitute.org) <\/p>\n\n\n\n

The San Francisco Reinvestment Working Group (RWG), an advisory committee tasked with exploring the creation of a municipality-owned bank, voted May 16 to advance what the\u00a0San Francisco Public Bank Coalition<\/a>\u00a0calls an \u201cactionable, sustainable, and practical plan\u201d for the first municipal public bank in the country.

According to the plan,\u00a0the RWG proposal would first set up a publicly owned non-depository municipal finance corporation (MFC)<\/strong>\u00a0that will invest in key city needs, such as affordable housing, small businesses, and green infrastructure. The MFC is designed to work in partnership with San Francisco\u2019s many dedicated CFIs and CDFIs through participation and syndication lending and other collaborative approaches.

The MFC would operate for three years during which time the City would seek regulatory approval to establish the public bank<\/strong>\u00a0from the FDIC and California Department of Financial Protection and Innovation (CDFPI). The plan assumes that, after three years of MFC operations, the MFC’s capital, assets, and liabilities would be rolled into the newly operational public bank.

The RWG’s plans and studies will be presented to the Board of Supervisors at the July 20 meeting<\/strong>\u00a0of the Government Audit and Oversight Committee. Supervisor Dean Preston, who chairs this committee, anticipates it will take the Board three to five months to draft the legislation and take it to the finish line.

Jackie Fielder, co-founder of SFPB, said in a statement:<\/p>\n\n\n\n

\u201c[The RWG have] 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.<\/strong>\u201d<\/h4>\n\n\n\n


[read the MFC plan<\/a>]
[read the Public Bank plan<\/a>]
[read related article in The Frisc<\/em><\/a>]
[read related SF Examiner<\/em> article<\/a>]<\/p>\n","protected":false},"excerpt":{"rendered":"

June 1, 2023 Public Banking Institute\u00a0(info@publicbankinginstitute.org) The San Francisco Reinvestment Working Group (RWG), an advisory committee tasked with exploring the creation of a municipality-owned bank, voted May 16 to advance what the\u00a0San Francisco Public Bank Coalition\u00a0calls an \u201cactionable, sustainable, and practical plan\u201d for the first municipal public bank in the… 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":[654],"_links":{"self":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/26799"}],"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=26799"}],"version-history":[{"count":1,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/26799\/revisions"}],"predecessor-version":[{"id":26801,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/26799\/revisions\/26801"}],"wp:attachment":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/media?parent=26799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/categories?post=26799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/tags?post=26799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}