San Francisco is taking bold steps towards establishing a Municipal Finance Corporation that is set to become a public bank within the next three to five years. The city aims to launch the $50 million Municipal Finance Corporation, with a focus on financing infrastructure projects, affordable housing initiatives, and small businesses.
The establishment of a public bank in San Francisco has been a long-awaited goal for many activists and community leaders. Public Bank SF is expected to bring more transparency and accountability to the banking industry, putting the needs of the community first instead of prioritizing profits for shareholders.
The city’s decision to create a Municipal Finance Corporation is a crucial step in achieving this goal. The corporation will act as a bridge between the city and its residents, providing access to low-cost credit and financial services that are tailored to the community’s needs.
Read the article on SF Chronicle.