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San Francisco committee backs working group to pursue public bank; treasurer warns against using investment pool
Summary
The Government Audit & Oversight Committee voted 3‑0 to send Supervisor Dean Preston’s Reinvest in San Francisco ordinance to the full Board with amendments that create a working group to draft business and governance plans for a municipal finance corporation and future public bank. The treasurer’s office warned using the city’s investment pool for capitalization may not be legally viable without an appropriation.
Supervisor Dean Preston on Thursday presented the "Reinvest in San Francisco" ordinance to create a working group tasked with producing business and governance plans for a Municipal Finance Corporation (MFC) and a future depository public bank. He said the measure aims to direct public capital toward pandemic recovery, affordable housing and small‑business lending and to address racial inequities exacerbated by the pandemic.
Budget and Legislative Analyst Fred Brusso summarized three BLA reports and two models the office studied: a non‑depository MFC that would make wholesale loans through partner institutions, and a full depository public bank. Brusso said the BLA’s preferred phased approach would start as a non‑depository MFC using city resources…
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