At two meetings in San Francisco last week, the SF Reinvestment Working Group discussed a plan and estimated timeline for establishing a public bank for the City and County of San Francisco. On Thursday, May 19, newly-hired public banking consultant HR&A Advisors met with the Reinvestment Working Group [agenda] [updates on CA efforts]. On Friday, May 20, both teams along with public banking scholar and PBI Advisory Board member Thomas Marois presented to San Francisco’s Local Agency Formation Commission [agenda] [Thomas Marois’ presentation] [HR&A presentation: scope of work, timeline].
The Reinvestment Working Group, composed of financial professionals and community representatives, was created by the Reinvest in San Francisco ordinance and charged with preparing a business plan for the public bank. The Board of Supervisors unanimously passed that ordinance last June. The resulting plan must be approved by the Board of Supervisors, then submitted to the California Department of Financial Protection and Innovation in Sacramento.
The timeline outlined on Friday indicates that by October 2022 the team will deliver a governance plan, business plan, and viability study for a San Francisco non-depository municipal financial corporation (MFC) and that by March 2023 the team will deliver a governance plan, business plan, and viability study for a San Francisco Public Bank. Video of the meeting is posted here.
For more details, read Rick Girling’s 48 Hills article.
Photo courtesy San Francisco Public Bank Coalition.