San Diego Montylov

Photo by Montylov.

Four San Diego City Councilmembers — Georgette Gómez, Dr. Jennifer Campbell, Chris Ward and Monica Montgomery — have asked Mayor Kevin Faulconer to include $250,000 in his new budget to fund a public bank feasibility study. San Diego thus joins Los Angeles, San Francisco, Oakland / East Bay, San Jose, Long Beach, and Truckee in the race to be one of the 10 cities allowed to create a municipal bank under the state’s Public Banking Act pilot legislation.

David Garrick reports in The San Diego Union-Tribune, “San Diego’s first step is hiring a financial firm to determine the estimated start-up costs of a public bank, create a business plan and analyze the potential long-term cost savings and revenue for the city.”

Garrick continues:

“Supporters say a public bank would strengthen the local economy by making it easier for small businesses to get capital and by directing loans toward projects that address pressing needs, like bike lanes, solar panels and other ‘green’ infrastructure. In addition, a public bank could provide crucial start-up capital to local credit unions and neighborhood banks. That would make loans and other financial services more widely available, especially in low-income neighborhoods, supporters say.”

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