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San Francisco Chronicle editorial agrees: San Francisco should have a Public Bank to leverage the power of its own money

May 15, 2018

publicbankinginstitute – excerpt

San Francisco’s Municipal Bank Feasibility Task Force comes under pressure to provide a truly ethical and full-powered alternative — a Public Bank — in an article by Zac Townsend in the San Francisco Chronicle. He calls on the public to take a stand:

“There already are indications from presentations and conversations that the task force is backpedaling from a public bank structure and instead considering half measures, such as a revolving loan fund. Such a fund — instead of a public bank — wouldn’t begin to leverage the power of San Francisco’s public funds. It would just leave them at big banks. …

“San Francisco has an obligation to manage public funds to prioritize environmental responsibility, fair labor practices, and affordable housing, among other principles.” …(more)

We started studying Ellen Brown’s proposal when she convened a small group of  supporters at a meeting in the East Bay and have watched the movement grow since. Investigating the formation of a Public Bank was the issue that launched zrants. We are pleased to see a possible state or municipal bank may be coming soon to San Francisco and/or California. Creating a local banking system seems like a wise decision now and we trust that the people who establish the banks will be capable and wise enough to avoid any risky ventures with and investments.

RELATED:
Vote your values with your dollars: Support an SF public bank
News of the postal banking bill spurs several reports

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