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Committee backs RFP language on banking social responsibility; public urges municipal bank and stronger reporting from large lenders
Summary
The committee filed a hearing on the banking system and forwarded a resolution supporting the Treasurer’s integration of community-reinvestment and social-responsibility questions into the city’s banking RFP. Treasurer Jose Cisneros announced an FDIC-insured community investment program; many public speakers urged mandatory reporting and expressed support for a municipal bank and scrutiny of Wells Fargo.
The Budget and Finance Committee heard an extended presentation from Treasurer Jose Cisneros and then moved to file a hearing on the city’s banking system and to forward a resolution supporting integration of community-reinvestment and social-responsibility questions into the cash-management banking services RFP.
Treasurer Jose Cisneros described the San Francisco County Investment Pool, which he said averages between $4 billion and $5 billion, and reviewed the legal priorities that govern investments: "First and foremost, safety of the funds we invest. Secondly, liquidity... and thirdly, yield," he said. Cisneros announced the Treasurer’s Office would "immediately" implement a…
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