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Board advances ordinance to create San Francisco Reinvestment Working Group for public bank planning
Summary
The Board passed on first reading an ordinance establishing a working group to prepare governance and business plans for a municipal finance corporation and a possible public bank.
The San Francisco Board of Supervisors voted unanimously on June 15 to pass, on first reading, an ordinance creating the San Francisco Reinvestment Working Group. The group is tasked with developing business and governance plans for a non-depository municipal finance corporation and for a public bank and submitting those plans to the board and the Local Agency Formation Commission (LAFCO).
Supervisor Aaron Peskin and others framed the measure as a next…
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