San Francisco Supervisor Sandra Lee Fewer. Photo courtesy SF Public Bank.
Public bank fever has hit San Francisco City Hall. New legislation introduced on Tuesday, November 12, by Supervisor Sandra Lee Fewer would put San Francisco in line for a public bank license by the end of 2020. The ordinance calls for a new task force to submit a business plan for a city-owned Economic Development Financial Institution (EDFI) by June 2020, with a phase 2 plan for turning the EDFI into a full-fledged depository public bank by December 2020. The public bank would become operational within five years of its launch. Journalist Ida Mojadad quotes Supervisor Fewer in the SF Weekly:
“A public bank in San Francisco would allow the city to have more local control, transparency, self-determination, and deepen critical community investments in affordable housing, small business development, loans to low-income households, public infrastructure, renewable energy, and addressing the student debt crisis. San Francisco should lead the pack in this effort, and today’s legislation moves us one step closer to realizing the creation of a public bank.”
Mojadad also spoke with Jackie Fielder co-founder of the San Francisco Public Bank Coalition:
“This is a result of the grassroots movements led by working-class organizers who just want a fairer economy and livable planet for future generations.”