San Francisco's public bank would invest in key city needs, such as affordable housing, small businesses, and green infrastructure.
The San Francisco Reinvestment Working Group , an advisory committee tasked with exploring the creation of a municipality-owned bank, voted to advance the plan during a specially meeting on Thursday.
“As we continue to chart a path to economic recovery and a sustainable economy, the Working Group’s business and governance plans provide the road map for our city to create the first municipal public bank in the nation, a crucial strategy to ensure that our city funds are used to reverse inequities, not perpetuate them,” he said in a statement.
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