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SF Supervisors unanimously approve calling for Sacramento to allow a municipal bank in San Francisco

February 7, 2019

publicbankinginstitute – excerpt

On Tuesday, Feb 5, the San Francisco Board of Supervisors unanimously approved a resolution by Sup. Sandra Lee Fewer that supports state legislation that would authorize local government bank charters. As reported by Tim Redmond in 48 Hills:

“The more cities get on board, the more pressure legislators will face to approve enabling legislation that would clear the way for a San Francisco public bank.

“And the overwhelming support in this city suggests strongly that this is an issue whose time has come.

The vote followed a special joint hearing Monday held by the State Assembly Banking and Finance Committee, and a long line of speakers at City Hall who spoke in favor of the resolution.

Earlier in January, SF advocates met with unexpected overflow crowds (Facebook link), including Sup. Fewer, for their People vs Wall Street campaign launch (Facebook link). The launch was covered by media outlet El Techolote and KALW public radio… (more)

Will strong advocacy and patience finally pay off for the public banking advocates who have worked for decades, educating the public and politicians about the banking industry? Will the public and politicians finally embrace the role a public bank may offer as a hedge against economic downturns and a safe alternative to traditional banks? It appears many are ready to jump on the bandwagon.

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