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LAFCO working group recommends MFC as initial ‘green bank’ role; commissioners press for equity and governance safeguards
Summary
HRNA Advisors presented draft business and governance plans advising that San Francisco’s Municipal Financial Corporation (MFC) could serve as a green bank to access federal climate funds, while commissioners emphasized equity, board composition and funding tradeoffs before any transition to a depository public bank.
HRNA Advisors told the Local Agency Formation Commission on Wednesday that the city’s proposed Municipal Financial Corporation could serve the functions of a “green bank,” potentially allowing San Francisco to tap federal greenhouse‑gas funding that may be unavailable to a depository public bank.
The firm — represented in the meeting by Giacomo and policy analysts Kalid Samarai and Yakimo Bagarella — presented draft business, governance and financial models showing that an MFC could be capitalized with roughly $20,000,000 and reach profitability within about three years, while a full public bank was modeled at about $50,000,000 capitalization under current assumptions. Giacomo cautioned that federal and regulatory rules remain unsettled and recommended further…
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