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San Francisco LAFCO votes to study creation of municipal bank
Summary
The San Francisco Local Agency Formation Commission voted to begin a study into establishing a municipal bank, directing staff to return with findings; commissioners and public commenters said a public bank could help fund affordable housing, small-business loans and reduce predatory check-cashing costs.
The San Francisco Local Agency Formation Commission voted to begin a formal study into the feasibility of creating a San Francisco municipal bank and directed Executive Officer Jason Fried to return with more information at the commission's next meeting.
Chair Hillary Ronan, who introduced the agenda item, said the idea — first raised by former Supervisor David "Supervisor" Avalos — could help the city address its housing crisis, expand financing for affordable-housing developers, provide microloans to small…
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