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Treasurer's municipal-bank task force outlines models and deadlines as advocates urge a big public bank
Summary
Treasurer's office staff presented financial models and a timeline for a municipal public bank feasibility report due in January, while dozens of public commenters urged a large, equity-focused bank and called for state action to enable a public-bank charter.
SAN FRANCISCO
Treasure's office staff told the Board of Supervisors' Budget and Finance Committee on Dec. 17 that work on a municipal-bank feasibility study is nearing a task-force final report in January, but key financial questions ' including start-up and capitalization costs ' will be finalized only after further task-force review.
Amanda Free of the Office of the Treasurer and Tax Collector said the task force convened in February and includes community advocates, bank practitioners, attorneys and government partners. She said staff will present financial models in the final report so policy makers can weigh costs and benefits in concrete terms.
Molly Cohen, the treasurer's senior analyst who led the modeling, said the task force prioritized five public-policy goals for a municipal bank: affordable housing, small-business lending, infrastructure, serving the un- and underbanked, and cannabis-related…
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