S.F. has a plan for a public bank. One supervisor wants to act on it.

"Two years after San Francisco officially endorsed its intent to stand up a city owned and operated public bank, one supervisor is urging it to follow through. On Tuesday, District 9 Supervisor Jackie Fielder will introduce a non-binding resolution asking Mayor Daniel Lurie and city departments to explore and fund a "green bank." Like a public bank, a green bank would be controlled by city officials to provide low-interest loans for renewable energy projects, small businesses, and new affordable housing."

"City officials already approved a plan to do just that in 2023. At the time, the Board of Supervisors unanimously approved a plan to create a public bank that would, among other things, leverage funding from the Inflation Reduction Act and other sources to provide low-cost loans for projects that reduce emissions, address environmental injustices, or otherwise improve environmental outcomes."

"Despite the unanimous approval, that plan, sponsored by then-Supervisor Dean Preston, still awaits implementation. The plan estimated that the process of creating a public bank in compliance with local, state, and federal laws and regulations would cost about $1 million. According to the plan, the process of creating a public bank would start with the creation of a three-year municipal financial corporation that doesn't take deposits. After three years, that entity would become a full-service, FDIC-approved chartered public bank."

A San Francisco supervisor will introduce a non-binding resolution asking city leaders to explore and fund a green bank that would provide low-interest loans for renewable energy projects, small businesses, and new affordable housing. The Board of Supervisors unanimously approved a public bank plan in 2023 to leverage Inflation Reduction Act and other funds for emissions-reducing and environmental-justice projects, but the plan has not been implemented. The estimated startup cost is about $1 million and would begin with a three-year municipal financial corporation that doesn't take deposits, transitioning after three years to a full-service FDIC-chartered public bank.

Read at Mission Local