San Francisco sets timeline for launching public bank — the first in California

By Christine Kilpatrick : bizjournals – excerpt

Assemblymember David Chiu, who authored the state bill singed by Governor Newsom announced Supervisor Sandra Fewer‘s city legislation on November 12, 2019, Many supporters attended. photo by zrants. Short video of the event: http://www.abazaar.com/wp-content/uploads/2019/11/PBI.mov)

San Francisco officials are working to launch the city’s own public bank, which would be the first in California and the second in the country after North Dakota.

Legislation introduced Tuesday by Supervisor Sandra Fewer will create a task force to set up a business plan for the public bank, the San Francisco Examiner reports. The first deadline is June 30, 2020, when the first effort to create a business plan is due.

A new state law signed by Gov. Gavin Newsom earlier this year allows charter cities like San Francisco and Los Angeles to apply to the state to launch public banks. Fewer’s legislation sets a timeline for the process, which requires approval by the Board of Supervisors and a detailed plan. The Public Banking Act, or AB 857, will allow up to 10 California cities to open public banks, and Oakland officials have evinced interest as well… (more)

We have been following the public banking movement lead by Ellen Brown since she published “The Web of Debt” and started the first organization to educate and inform the public about the public banking system. Public banks are set up to help the public, not profit the bank holders and public banks may finance what the pubic needs because public banks do not have to answer to shareholders or owners with profit motives.

Zrants was launched to track financial news. We are very pleased to see Ellen Brown’s efforts coming to fruition in the state of California, and more states considering public banks. The Public Banking Institute was established to educate and inform the public. Please avail yourselves of the following links and consider joining the movement. Ellen has three books now, writes articles for a number of publishers, makes regular appearances around the globe and hosts a radio show.

https://ellenbrown.com/
http://itsourmoney.podbean.com/
https://www.publicbankinginstitute.org/

link to video of the event: http://www.abazaar.com/wp-content/uploads/2019/11/PBI.mov