Board accepts Reinvestment Working Group plan for municipal finance corporation as first step toward public bank

The San Francisco Board of Supervisors on Sept. 5 accepted the final governance plan, business plan and viability study prepared by the Reinvestment Working Group, a step toward creating a municipal finance corporation and, eventually, a municipal public bank.

Supervisor Dean Preston, who has shepherded the effort, thanked working-group members and consultants and said the plans aim to provide a new tool to finance affordable housing, small businesses and green infrastructure. "These plans before us offer really a game changing tool, as the city navigates ongoing concerns with post pandemic economic recovery," Preston said.

Preston noted the work of chair Kristin Evans, vice chair Fernando Marti, staff and consultants including HR&A, the Finley Group and Contigo Communications. He said the city will first pursue a municipal finance corporation and later a full public bank, and that the plan will be translated into an ordinance for subsequent hearings.

The resolution accepting the working group's report passed unanimously under the "same house, same call" procedure. Preston said the effort aims to focus capital on housing, small businesses and underserved communities, and emphasized coordination among the treasurer, controller, city attorney and advocates as the plan moves into the ordinance stage.

Supporters told the board the proposal could expand financing options for public-interest projects and help the city invest in local priorities without relying solely on traditional banks or bond markets. The clerk recorded no objections and the resolution was adopted as presented.