"San Francisco Supervisor Jackie Fielder will introduce a ballot measure on Tuesday that would tax financial institutions to create a municipal public bank, the first of its kind in the country. The public bank would let the city issue low-cost loans for affordable housing, small businesses, and green infrastructure. The measure is the most concrete step a city official has taken to create a public bank here since 2023, when the Board of Supervisors unanimously greenlit a plan to stand one up."
"Fielder's proposal would increase the gross receipts tax on commercial banks, credit unions, hedge funds, and investment funds from its current range of 1.5 to 3.36 percent, to 1.69 to 3.85 percent. The measure would need the support of at least three other supervisors to make it onto the ballot. She said she will lobby her colleagues to sign on in the coming months."
San Francisco plans a ballot measure to tax financial institutions to create the nation’s first municipal public bank. The public bank would provide low-cost loans for affordable housing, small businesses, and green infrastructure projects. The measure would raise the gross receipts tax on commercial banks, credit unions, hedge funds, and investment funds from 1.5–3.36 percent to 1.69–3.85 percent. The proposal must gain support from at least three other supervisors to qualify for the ballot and would require a simple majority of voters to pass amid other tax measures on the same ballot.
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