San Francisco Chronicle editorial agrees: San Francisco should have a Public Bank to leverage the power of its own money

Golden Gate Bridge, San Francisco

Golden Gate Bridge, San Francisco. Photo by Sasha • Stories.

 

San Francisco’s Municipal Bank Feasibility Task Force comes under pressure to provide a truly ethical and full-powered alternative — a Public Bank — in an article by Zac Townsend in the San Francisco Chronicle. He calls on the public to take a stand:

“There already are indications from presentations and conversations that the task force is backpedaling from a public bank structure and instead considering half measures, such as a revolving loan fund. Such a fund — instead of a public bank — wouldn’t begin to leverage the power of San Francisco’s public funds. It would just leave them at big banks. …

"San Francisco has an obligation to manage public funds to prioritize environmental responsibility, fair labor practices, and affordable housing, among other principles. …

Townsend continues:

“Activists point to the role big banks play in financing the extraction and use of fossil fuels, gun purchases, private prisons and defense contractors. These banks also have paid billions of dollars in fines for defrauding customers over the last decade. …

“Since 2005, the San Francisco treasurer has received national acclaim as a leader in financial empowerment, but nearly every program has brought San Franciscans to big banks as customers …

“You, as a San Franciscan, can influence the placement of billions of dollars. It’s your money, so just as I would recommend that you move your personal funds out of a big banks and find a local bank or credit union for your loans and bank accounts, so too should you advocate that the city do the same.

Contact the treasurer’s office today, and request such a change.”

[Read the full article]


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