State legislation could help pave the way for a public bank
By Victor Tence - San Francisco Examiner
Legislation introduced Monday could lay down the foundations for the creation of public banks in California and provide an alternative to San Francisco’s use of profit-driven commercial banks.
Currently there are no public banks in California, and no legal avenues to create one. But Assemblymembers David Chiu, D-San Francisco, and Miguel Santiago, D-Los Angeles, hope to change that with the introduction of Assembly Bill 857, which would allow jurisdictions to create public banks through a charter process.
The idea of a publicly-owned bank has gained traction in recent years as advocates and elected officials have called upon The City to divest its $11 billion budget out of commercial banks and into community centered projects that would better reflect San Francisco values.