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Supervisor Cohen proposes task force to study a municipal bank for San Francisco
Summary
Supervisor Cohen introduced legislation to create a task force to study the feasibility of a municipal bank in San Francisco, citing limited access to capital for small businesses and a need for systemic solutions.
At the April 18 Board meeting Supervisor Cohen introduced a measure to create a task force to study the feasibility of a municipal bank for San Francisco. Cohen framed the proposal as a response to barriers small businesses and marginalized entrepreneurs face in accessing capital and as a systematic alternative to piecemeal finance and divestment campaigns.
Cohen tied the proposal to broader policy conversations about the city's pension investments and prior divestment debates, saying a municipal banking option could align city financial activity with local economic priorities, help small businesses obtain loans, and support emerging industries such as legalized cannabis. He described the task force as a way to develop a comprehensive approach rather than ad hoc measures.
The item was introduced; the Board did not vote on establishing the task force at the April 18 session. Cohen said he will pursue committee hearings and further review.
