Draft business plans for a San Francisco Public Bank and a Municipal Finance Corporation (MFC) were released in early February from the city’s Reinvestment Working Group. The bank proposal calls for $50 million in initial capital to be sourced by the City and County of San Francisco. The SF MFC plan is to be finalized by the end of March; the SF Public Bank plan is set to be finalized by mid May. Plans will then be submitted to the Board of Supervisors for review. Watch replay of SFPB’s recent Town Hall. View slide deck of the presentation.
A bill to create the Washington State Public Infrastructure Bank was introduced in January by State Sen. Patty Kuderer and 13 co-sponsors. The bill, SB 5509, was amended to create a loan fund instead of a bank and did not make it out of its Senate committee. Washingtonians for Public Banking recently held their first public event, which reviewed public banking efforts in Washington State. View event recording. See their one-pager.
Public Bank East Bay’s Viability Study has been approved by Richmond and Oakland, including approval of valuable city staff time toward the project. PBEB advocates continue their work toward gaining commitments from other regional cities as founders and depositors, and on writing the business plan.
View and keep track of legislative updates on the new Legislation Tracker section of our website.