SAN FRANCISCO PUBLIC BANK
MISHA STEIER
Unlike private for-profit banks, they prioritize public good and fiscal sustainability as opposed to just maximizing shareholder profits.
Not a new idea: 25% of the worlds assets are held in public banks, tens of trillions of dollars.
Dual mandate: sustainable returns+profits reinvested into low-cost credit for socially necessary projects.
WHAT IS A PUBLIC BANK?
A public bank is a financial institution owned and controlled by a government, like the city of San Francisco.
Passage of AB 857
David Chiu’s legislation
allows cities & counties to create public banks
RWG seated
Occupy San Francisco and NoDAPL
San Francisco creates Reinvestment Working Group (RWG)
Tasked with producing Public Bank Business & Governance Plans + Viability Study
2021
SF Board of Supervisors approves plans
Board unanimously votes to approve plans
2023
2017
2022
HOW WE GOT HERE
SF Public Bank Coalition Formed
2019
RWG completes plans
2023
WHAT’S NEXT?
SF legislation to create a Green Bank: A publicly owned, non-depository lending fund to operate as Phase 1 of the Public Bank.
NEXT STEP
IMMEDIATE HURDLE
Funding for pre-startup costs. Solution: Securing philanthropic funds for staffing expenses.
TIMELINE
Green Bank Legislation can be introduced at any time, doesn’t require regulatory approval.
GREEN BANK TO SF PUBLIC BANK
After 3 years, apply to regulators for approval to convert SF Green Bank to a fully chartered SF Public Bank.
Banking Charter: Unlocks fractional reserve lending ie. ability to leverage deposits. A $10 million dollar deposit in the bank could leverage up to $100 million in loans, while a $100 million dollar deposit can support up to $1 billion in lending.
A public bank will finance community priorities! The proposal focuses on economic justice through affordable housing, decarb, transit & small business.
PRIORITIES DETERMINED BY PEOPLE
WHAT WILL A PUBLIC BANK DO?
PUBLIC ALTERNATIVE TO WALL STREET BANKS
Empowers a banking option prohibited from supporting fossil fuels, weapons manufacturing, tobacco, and labor law violators.
COMMUNITY REINVESTMENT
Saves money on fees/interest costs. Generates sustainable profits that are reinvested in the city. Limited municipal dollars go further.
ACCOUNTABILITY
AND
TRANSPARENCY
A public bank will be democratically accountable and transparent.
Who We Are
WHO WE ARE
Key Supporters of San Francisco Public Bank
● People Organizing to Demand Environmental and Economic Justice (PODER)
● United Educators of San Francisco
● Public Advocates
● San Francisco Labor Council
● California Nurses Association
● Lawyers Committee for Civil Rights
● Alliance of Californians for Community Empowerment
● California Faculty Association at San Francisco State University
● San Francisco Tenants Union
● San Francisco Democratic Socialists of America
Council of Community Housing Organizations
● Racial Equity in Planning Coalition
○ Anti-Displacement Coalition
○ Chinatown Community Development Center
○ Richmond District Rising
○ United to Save the Mission
○ Glide
○ Young Community Developers
○ Asian Americans Advancing Justice
○ Affordable Housing Alliance
Key Supporters Cont.
○ American Indian Cultural District
○ Calle 24 Latino Cultural District
○ Causa Justa Just Cause
○ Central City SRO Collaborative
○ Coleman Advocates
○ Communities United for Health and Justice
○ D4Ward
○ Eviction Defense Collaborative
○ Haight Ashbury Neighborhood Council
○ Housing Rights Committee of San Francisco
○ Mission Economic Development Association
○ Dolores Street Community Services
○ People Power Media
○ Senior & Disability Action
○ African American Arts & Cultural District
○ San Francisco Community Land Trust
○ SF SafeHouse
○ SoMa Pilipinas Filipino Heritage District
○ South of Market Community Action Network
○ Tenderloin Housing Clinic
○ Tenderloin Neighborhood Development Corporation
○ Tenderloin People's Congress
THANK YOU!