San Francisco is taking a step toward opening a public bank, with time running out to move the plan forward. Supervisor Chyanne Chen will introduce a charter amendment at the Board of Supervisors meeting that would establish a municipal financial corporation, a precursor institution to a public bank.
Proponents of the measure say a public bank would help San Francisco fund programs that align with its highest priorities, like building more affordable housing, supporting small businesses and meeting its climate goals. But such an institution could be the first in any contemporary American city, and some experts say it is unclear whether a public bank would succeed.
“San Franciscans need and deserve bold solutions to address our most pressing challenges,” Chen said in a statement. “We must use every tool we can to keep San Francisco affordable and to advance solutions that lead towards a just economic recovery for all.”…