Board asks treasurer to convene municipal public bank task force to study options

The Board of Supervisors unanimously adopted a resolution on April 25 directing the Office of the Treasurer and Tax Collector to convene a municipal public bank task force to study options for a public bank in San Francisco.

Supervisor Malia Cohen introduced the resolution and said the task force would bring together the treasurer's office, financial experts, community advocates and city staff to evaluate models for public banking, assess operational and legal issues and develop an implementation plan if appropriate. Supervisor Katy Tang and others participated in floor discussion; Supervisor Sophie Maxwell and Supervisor Jane Kim were among cosponsors and supporters mentioned during the remarks.

Supervisor Jane Kim and Supervisor Katy Tang emphasized the range of policy objectives a municipal bank could serve: affordable-housing financing, divestment from fossil fuels, banking access for cannabis businesses, and other community reinvestment goals. Supervisor London Breed and Supervisor Mark Farrell participated in introductions and procedural remarks.

Supervisor Jane Feuer, a co-sponsor, said the concept had been discussed for years and urged the board to act now: "There is no social justice without economic justice," she said, urging a public process and use of the Treasurer's Office's technical expertise. The board approved Cohen's amended resolution without objection; the item will guide the Treasurer's Office in standing up a publicly engaged task force.

Ending: The Treasurer's Office will convene a task force and incorporate findings from an updated municipal-banking report expected from the Budget and Legislative Analyst; the resolution does not itself create a bank or allocate funding but directs a structured study and public process.