The San Francisco County government meeting held on July 4, 2025, featured a significant discussion regarding the potential establishment of a public bank in the county, drawing insights from the experience of the Bank of North Dakota. The meeting began with an inquiry into the practical implications of North Dakota's public banking model, particularly its effectiveness during the COVID-19 pandemic.

A representative highlighted that the Bank of North Dakota was initially created to support small farmers and has since evolved into a robust financial institution with over $10 billion in assets and nearly $200 million in annual profits. During the pandemic, this bank played a crucial role in facilitating access to funds for small businesses, particularly during the initial phase of the Paycheck Protection Program (PPP). Notably, North Dakota had the highest per capita distribution of PPP loans in the country, nearly double that of California.

The discussion emphasized the importance of understanding how a public bank could serve as a financial lifeline for small businesses in San Francisco, especially in times of crisis. The insights gained from the Bank of North Dakota's operations were seen as valuable for shaping future financial strategies in the county.

The meeting concluded with a commitment to further explore the feasibility of establishing a public bank in San Francisco, with plans to gather more data and insights from successful models like that of North Dakota. This initiative aims to enhance financial support for local businesses and strengthen the county's economic resilience.