S.F.’s Public Bank One Step Closer to Reality With State Senate Vote

S.F.’s Public Bank One Step Closer to Reality With State Senate Vote

A California bill that would allow San Francisco to open a city-run bank cleared a key state Senate committee on Wednesday.

Assembly Bill 857 paves the path for local jurisdictions to launch a public bank, which San Francisco and other California cities have been exploring for more than a year. It’s been urged forward by the idea to take the city’s $12 billion budget out of major banks that are known to invest in things like private prisons and oil companies and invest in issues like affordable housing, renewable energy, and low-interest student loans.

“The public’s money should serve a public purpose, not line the pockets of Wall Street investors,” said Assemblymember David Chiu, who represents San Francisco and introduced the bill in March. “Time and time again, we have seen big banks invest billions of dollars of our money in institutions most Californians are opposed to.”

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