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Commissioner asks staff to explore possible San Francisco municipal bank; staff to prepare memo
Summary
Commissioner Abalos asked LAFCO staff to research the feasibility of a municipal bank, identifying regulatory and legal issues; staff agreed to prepare a memo and to work with commissioners and city legal counsel as needed.
Commissioner Abalos told the Local Agency Formation Commission he has been exploring the idea of creating a municipal bank that could be an independent local authority under LAFCO's purview and could support loans for small businesses, nonprofits and public projects.
"I've been exploring over the past year and a half the idea of the creation of a municipal bank in San Francisco," said the commissioner (speaker labeled as Commissioner Abalos). He asked staff to assist in early exploration, noting regulatory and legal questions and the need for city‑attorney review.
Jason Fried, LAFCO staff, said he would prepare a memo outlining areas the commission could work on and the possible legal and regulatory issues, and he asked for support from legal counsel and staff. Fried told commissioners he would deliver the memo within a week and was available for one‑on‑one follow up conversations.
Public comment reinforced the proposal: Eric Brooks of the San Francisco Green Party said a municipal bank could enable nonprofit and low‑interest loans for homeownership and public projects and urged the commission to pursue it.
What’s next: Staff will research legal and regulatory issues, coordinate with the city attorney and return with a memo and recommendations for possible next steps; commissioners discussed including this work in the coming budget and in a future work plan.
