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.
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.
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.
This plan has been over a year in the making, said Preston's office. A working group of community leaders, public bankers, financial experts and small business owners have been collaborating on finding a path forward that considers both inclusive economic development and strategic operations and management.
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