Photo courtesy The San Diego Union-Tribune.
San Diego City Council members recently asked Mayor Todd Gloria to hire an economist to write a proposed business plan for a public bank for the city. San Diego joins Los Angeles, Oakland, San Francisco and several other California cities that are exploring the potential of municipal public banks.
Councilmember Sean Elo-Rivera was quoted in a related article in The San Diego Union-Tribune:
“The multi-fold benefits of creating a public bank, such as divesting from Wall Street and creating opportunities to fund our own public projects, are worth the investment in the development of a business plan.”