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An SF city bank is not only possible — it’s a great idea, budget analyst concludes

December 12, 2017

There’s nothing in the way of a public bank except the finance industry and political will

San Francisco faces no legal obstacles and no significant policy problems with creating a municipal bank, a recent report from the city’s budget and legislative analyst concludes.

The report, released late in November with very little news media fanfare, represents a major step towards putting the city’s sizable financial resources into community development, affordable housing, and small businesses instead of the profits of giant, corrupt financial institutions…

This is potentially a huge deal – and one that the private banking industry will almost certainly oppose and try to derail.

Sup. Sandy Fewer asked for the report. She and Sup. Malia Cohen are talking about holding a hearing in February. I can almost see the Bank of America lobbyists lining up right now... (more)

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