SAN FRANCISCO (BCN/CBS SF) — San Francisco’s Board of Supervisors on Tuesday unanimously approved an ordinance that moves the city closer to creating the first public bank in the U.S.
The Board of Supes is poised to take the next step toward creating a public bank in San Francisco.
The Government Audit and Oversight Committee will consider Thursday June/3 a measure that would set up a committee with a mandate to develop a working municipal banking plan within one year.
A San Francisco Public Bank could use the city's substantial financial firepower to support economic development, affordable housing, green projects and small business lending, supporters said.
Gov. Gavin Newsom signed a first-of-its-kind law to help establish public banks — and San Francisco wants to be first in line.