Public Bank SF is a coalition of groups (SF Defund DAPL, SF Berniecrats, ACCE, DSA SF, SF Tenants Union, & California Calculty Association-SFSU) that is demanding that San Francisco divest its approximate $10 billion dollar cash flow from private banks and create a city charter Public Bank. We demand a bank that is grounded with principles of equity, racial, economic, and environmental justice.
2020 Campaign Updates:
A majority of the San Francisco Board of Supervisors supports public banking. In November 2019, San Francisco Supervisor Sandra Lee Fewer submitted a proposed ordinance to the Board to form a public bank task force for the purpose of creating a business plan for a public bank. The ordinance was cosponsored by most of the Board. We have been working with Sup. Fewer’s office to revise the legislation and address concerns from City agencies including the Treasurer, City Attorney, Controller and LAFCO (the Local Agency Formation Commission). We believe we are close to a resolution which will allow for more clarity as to how the bank will be capitalized, thus providing more direction for the business plan task force.
Members of the San Francisco Public Bank Coalition have been meeting with Supervisors, unions and various community groups to build support for public banking. We have also met with an officer of the Sparkassen, Germany’s public bank, and other financial experts to deepen our understanding of how best to roll out the public bank. Over the next few weeks we are organizing members of the community to show their support.
We anticipate that the proposed ordinance will be voted on in March or April.
2018 – 2019 Campaign Updates:
The SF Defund DAPL Coalition pushed the Board of Supervisors to pass a resolution urging the Treasurer to screen out Dakota Access Pipeline-related investments. Unfortunately it was discovered that the Treasurer couldn’t truly divest unless there was a true alternative. This prompted the Treasurer to convene a Municipal Bank Feasibility Task Force as recommended by the Board of Supervisors (via Resolution 152-17) to identify and pursue opportunities to create a municipal bank. The 16 member task force meets now until August.
Category Public Bank SF
Date 29 August 2017