Zac Townsend writes emphatically in the San Francisco Examiner that “San Franciscans deserve a public bank, one that invests The City’s money into local projects that reflect our values. San Francisco has nearly $10 billion we store on the balance sheet of big banks that could go to capitalizing a public bank.”
For those in the area, Public Bank SF is asking folks to come out to the Municipal Bank Task Force meeting next Thursday, May 31, 3:00 - 5:00 at City Hall to “make sure the task force stays on task to create a public bank that is focused on equity, social, racial, economic and environmental justice.” Facebook event here.
“A public bank would serve San Francisco in many ways; first and foremost as a place to ethically store our public dollars. With a public bank, we can ensure that our deposits do not go toward fossil fuel emissions, gun manufacturing or purchases or support of unfair labor practices. We also provide that any profits made off our deposits don’t go to the bottom lines of big banks but rather get reinvesting into our community.
"More pointedly, a public bank would save The City money we pay directly to big banks. We currently pay upward of $2 million each year in banking fees just related to The City’s bank accounts. With a public bank, these taxpayer dollars wouldn’t contribute to Wall Street profits, and would instead be invested in San Francisco. Similarly, the bank could also issue city bonds so we don’t have to pay investment bank fees, while the interest earned from public bank loans could be continually reinvested into projects that benefit The City.”
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