SAN FRANCISCO, Calif. — In a unanimous vote, the San Francisco Board of Supervisors took a major step toward creating the nation’s first municipal public bank. A press release by the San Francisco Public Bank Coalition announced the resolution, which was introduced by Supervisor Jackie Fielder.
The resolution urges Mayor Daniel Lurie’s administration and city departments to explore funding and lay the groundwork for a city-run “green bank” dedicated to supporting renewable energy, affordable housing and small businesses.
“As working San Franciscans struggle with the rising cost of living and the growing threat of climate crisis, a green bank is how we take our money back from Wall Street and give it back to our communities by reinvesting it into affordable housing, clean energy and small businesses,” Supervisor Fielder said in the press release.
“This unanimous vote sends a clear message that San Francisco is ready to build a bank that serves the public good, not private profit,” said Misha Steier, spokesperson for the San Francisco Public Bank Coalition. “By reinvesting our resources into our own communities, we can tackle the affordability and climate crises head-on.”
The coalition explained that the resolution builds on a plan the Board of Supervisors unanimously accepted in 2023. Under the approved business plan, the initiative would begin as a nondepository green bank focused on targeted lending. After three years, it could transition into a full deposit-taking public bank, which would make San Francisco the first city in the United States to operate such an institution.
The press release highlighted that the project is made possible through the California Public Banking Act, which legalized municipal public banks and remains the only law of its kind in the nation.
A key next step, according to the coalition, is hiring a Green Bank Coordinator to advance the bank’s design and establishment. While the city has not yet committed funds for staffing or capitalization, the unanimous vote signals strong political momentum to move forward.
The proposed green bank is designed to meet several urgent city needs. It would help finance renewable energy projects, fund affordable housing and provide fair, low-cost capital to small businesses that are often underserved by large private banks.
The San Francisco Public Bank Coalition, a grassroots alliance of residents, advocates and organizations, described the green bank as “not just a bank, but a new model for community wealth” and a major opportunity to advance “financial democracy” in San Francisco. The coalition’s mission is to educate residents about the costs of the city’s private banking relationships and ensure any future public bank operates under principles of racial, social, economic and environmental justice.
The press release noted that 67 percent of likely San Francisco voters support establishing a San Francisco Public Bank, according to recent polling. Supporters say the initiative could help tackle the city’s affordability, housing and climate challenges while ensuring public funds truly serve the public good.
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