SF Considers Starting a City-Run Public Bank

The city of San Francisco is considering starting a municipal public bank; it would be the first city in the nation to have a public bank.

Thanks to 48Hills for letting us know about the city’s ambitious initiative. 

The measure introduced by Supervisor Dean Preston, was recently approved by 6 SF supervisors, and will now be sent to Mayor Breed as the next step in a long approval process.

The idea was inspired by North Dakota, which established their own public state bank in 1919.

The hope is the a city-run public bank would help move toward a “more just and sustainable society” says Sup. Preston.

Many of the city’s Supervisors have lofty ideas for the municipal bank.

They noted the bank could help small businesses, and “eradicate the check-cashing places that take advantage of people” noted Board President Shamann Walton. Supervisor Myrna Melgar noted a public bank could help tackle affordable housing by developing “new models of shared ownership and social housing.”

Read the full story at 48hills.org