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Come speak with us at public comment to demand the Treasurer recommend a public bank for the people, by the people!
Malia Cohen is calling the Treasurer's Office to the Budget and Finance Committee to answer for what (little) progress Treasurer Jose Cisneros has made on the Public Bank Task Force.
After a year of task force meetings, the Treasurer's office has yet to provide a pathway to establishing a bank that
- replaces Wall Street banks as the city's banker and investment manager (to manage $11 billion of city taxpayer money)
- can be established within 5 years
- finances affordable housing, renewable energy and infrastructure, small businesses, agriculture, and low-cost student loans
- underwrites bonds
- does NOT compete with local banks or credit unions by originating loans, but rather by participating in loans
- does NOT compete with local banks or credit unions by engaging in retail banking (having branches for people to open accounts)
- provides competitive salaries for bank staff
- is governed by a robust mission, principles, and governance structure accountable to the people of San Francisco
- takes advantage of low-cost Financial Technology afforded to the city of San Francisco