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Treasurer and BLA present divergent public‑bank models; committee directs further work
Summary
Treasurer's task-force report and the Budget & Legislative Analyst presented differing models for a San Francisco municipal bank. The BLA recommended a phased non‑depository municipal financial corporation using limited investment‑pool earnings; the committee voted to continue the item to the call of the chair and form a business‑plan working group.
The committee held an extended hearing on Oct. 7 on a municipal bank feasibility report produced by the Treasurer’s Municipal Bank Task Force (March 2019) and a follow-up report by the Budget & Legislative Analyst (BLA).
Amanda Fried (Treasurer's Office) summarized three models — a reinvestment non‑depository, a divestment/depository option to manage the city’s cash, and a hybrid — and emphasized legal and fiscal constraints for using pooled city funds. She described rigorous…
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