Seven months after convening the Municipal Public Bank Task Force and after, presumably, seven months of research, public bank advocates expected Treasurer Jose Cisneros’s office to present a full draft of a long-anticipated report at the last Task Force Meeting. The Treasurer, instead, had only a draft of a Executive Summary to show the public and task force members. Too many questions remain unanswered by the task force as it comes to a close in just 42 days.Read More
In the midst of the Occupy movement’s righteous anger toward big banks and their role in the Great Recession, activists floated an idea: What if state-owned banks managed public funds, like San Francisco’s $11 billion annual budget, themselves?
Advocates say public money could be invested in affordable housing, clean energy, and small businesses. Cities could fund student loans at affordable rates, instead of immigrant detention centers, oil pipelines, and other institutions San Franciscans inherently oppose. A public bank has practical applications too, like saving millions of taxpayer dollars in fees spent on financial services.Read More