San Francisco is on track to create the first municipal bank in the nation after the city's Board of Supervisors unanimously passed a business and government plan on Tuesday.
With the board's go-ahead, San Francisco is permitted to start implementing its own publicly owned financial corporation, which would then be converted into the city's first public bank.
Supervisor Dean Preston said the plan comes as the city continues to recover from economic hardship brought on by the COVID-19 pandemic. He added that traditional private banking has "failed" San Francisco residents and small businesses from accessing equitable financial services, especially for communities of color.
"As we continue to chart a path to economic recovery and a sustainable economy, the plans approved today provide a road map for our city to create the first municipal public bank in the country, a crucial strategy to ensure that our city funds are used to reverse inequities, not perpetuate them," said Preston.
Think of the corruption opportunities here! One giant step towards controlling the means of production.
