San Francisco Public Bank Coalition
From Wall Street to Our Streets.

Endorse

JOIN OUR COALITION WITH THIS SAMPLE RESOLUTION!

 Resolution Calling for the Implementation of a Municipal Bank in San Francisco

Sponsor:

Cosponsors:

WHEREAS San Francisco taxpayer money currently goes to private banks that engage in socially and environmentally destructive practices that are fundamentally against the values of San Franciscans; from predatory lending practices for low-income communities of color, to financing fossil fuels, firearms, prisons, to charging The City high interest rates on loans for retrofitting our schools and hospitals, and;

WHEREAS a municipal bank would allow the city to have more local control, transparency, self-determination, and allow us to move in a direction to achieve sustainable community investments such as affordable housing, loans to low-income households, student loans, small business cultivation, community-based financial institutions, renewable energy, public transit infrastructure, public education infrastructure, and healthcare infrastructure, and;


WHEREAS a recent report from the City’s Budget and Legislative Analyst noted that “a public bank would be better equipped to meet the city’s business needs and public policy goals”, prompting Treasurer José Cisneros to convene a Municipal Bank Feasibility Task Force as recommended by the Board of Supervisors (via Resolution 152-17) to identify and pursue opportunities to create a municipal bank;

WHEREAS  the Board of Supervisors urged the task force to “submit a report to the Mayor and the Board of Supervisors within six months of its initial meeting” (Resolution 152-17)

WHEREAS, community based and labor residents have a lot at stake in ensuring that public resources -- tax dollars and public assets serve first and foremost the public good over the profits of a few wealthy wall street investors;

THEREFORE BE IT RESOLVED that the [ORGANIZATION/CLUB]supports the creation and implementation of a Municipal Bank, urges the San Francisco Board of Supervisors to sponsor a charter amendment for the November 2019 Ballot that would

(1) create a Municipal Bank Board of Directors,

(2) create and fund a bank “organizer” within the Treasurer and Tax Collector’s Office

(3) mandate the “bank organizer” to

(a) help the Board of Directors set up a public bank financial institution,

(b) request from the California Department of Business Oversight an application for a State Charter, and

(c) assist the Board of Directors in beginning the process of applying for a State Charter

BE IT FURTHER RESOLVED that the [ORGANIZATION/CLUB] joins the San Francisco Public Bank Coalition and as a member participate in organizing and advocacy efforts to promote the legislative campaign to put before the San Francisco electorate legislation to establish the mission and goals and governance structure of the San Francisco Public Bank

BE IT FURTHER RESOLVED that the [ORGANIZATION/CLUB] joins the San Francisco Public Bank Coalition and as a member participate in organizing and advocacy efforts to promote the legislative campaign to put before the San Francisco electorate legislation to establish the mission and goals and governance structure of the San Francisco Public Bank

BE IT FINALLY RESOLVED, that copies of this Resolution be sent to the Mayor of San Francisco, members of the San Francisco Board of Supervisors, San Francisco Office of the Treasurer and Tax Collector, San Francisco Office of the Controller, and Municipal Bank Feasibility Task Force.