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Committee moves to forward Reinvestment Working Group public‑bank plans to full Board
Summary
The Board committee accepted the Reinvestment Working Group’s governance, business and viability studies for a San Francisco Municipal Finance Corporation (MFC) and a future San Francisco Public Bank and moved to prepare a resolution for the full Board, while presenters outlined a two‑phase approach and initial financial projections.
The Government Audit and Oversight Committee voted to request that the Clerk prepare a resolution accepting the Reinvestment Working Group’s final governance plan, business plan and viability study for a San Francisco Municipal Finance Corporation (MFC) and the proposed San Francisco Public Bank.
Chair Kristen Evans and the RWG presenters told the committee the plan is designed as a two‑phase process: an MFC, a non‑depository municipal finance corporation that would issue loans and prove a track record, followed by a chartered, FDIC‑insured public bank…
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