Assembly Bill 857<\/a>, paved the way for cities and counties to lend their credit to people and corporations.<\/p>\nAn analysis of creating such an entity was released locally in 2022 by the San Francisco Reinvestment Working Group \u2014 a group of financial experts and community leaders \u2014 and it outlined a business model and how it could succeed. The group\u2019s report was unanimously supported by the Board of Supervisors at the time, according to the San Francisco Public Bank Coalition.<\/p>\n
Chen\u2019s legislation draws on the group\u2019s ideas, which include a governance structure with a banking board made of members chosen by San Francisco\u2019s treasurer, controller, city attorney, mayor, and Board of Supervisors. The bank\u2019s independent board would then make hires for the bank\u2019s operation.<\/p>\n
\u201cThe SF Public Bank will put people over profits to invest in what we all need \u2014 affordable housing, climate-resilient infrastructure, local small business, and green energy.\u201d<\/p>\n
Misha Steier, San Francisco Public Bank Coalition<\/p>\n
The amendment would restrict the bank from making loans outside of San Francisco and from making loans to entities involved in \u201cfossil fuels, private prisons and detention centers, weapons manufacturers, tobacco products and businesses who engage in labor or human rights violations,\u201d according to a statement from San Francisco Public Bank Coalition.<\/p>\n
Misha Steier, a spokesperson for the San Francisco Public Bank Coalition, said the introduction of the charter amendment was an \u201cexciting\u201d moment for the bank\u2019s longtime backers.<\/p>\n
\u201cThe SF Public Bank will put people over profits to invest in what we all need \u2014 affordable housing, climate-resilient infrastructure, local small business, and green energy,\u201d Steier said in a statement.<\/p>\n
What the bank could do<\/p>\n
The bank could fund a range of projects and services including investing in community land trusts and electrification of the city, including installing more electric vehicle chargers; helping businesses grow and expand, and other local initiatives in the public and private sector, according to the San Francisco Public Bank Coalition.<\/p>\n
The amendment will next be heard in the Rules Committee at its meeting on either June 22, June 29, or July 6.<\/p>\n
It is co-sponsored by Supervisors Fielder, Shamann Walton, Myrna Melgar, and Bilal Mahmood, but needs the backing of one more member to pass the full board.<\/p>\n
If a majority of the 11-member board backs the amendment, it would go before voters in the general election on Nov. 3, where it would need a simple majority to pass.<\/p>\n","protected":false},"excerpt":{"rendered":"San Francisco could create the nation\u2019s first public municipal bank under a recently proposed charter amendment. Legislation to…\n","protected":false},"author":2,"featured_media":332597,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[137777,380,30767,57127,137778,93,4306,13133,1071,137779,13,137780,13877,101,34860,103,102,137781,104,106,105,4823],"class_list":["post-332596","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-francisco","tag-ab-857","tag-affordable-housing","tag-banking","tag-chyanne-chen","tag-climate-sustainability","tag-featured","tag-featured-news","tag-jackie-fielder","tag-local-government","tag-municipal-bank","tag-politics","tag-public-bank","tag-public-finance","tag-san-francisco","tag-san-francisco-board-of-supervisors","tag-san-francisco-headlines","tag-san-francisco-news","tag-san-francisco-public-bank-coalition","tag-sf","tag-sf-headlines","tag-sf-news","tag-small-business"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/332596","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=332596"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/332596\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/332597"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=332596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=332596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=332596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![\"\"](\"https:\/\/www.newsbeep.com\/us-ca\/wp-content\/uploads\/2026\/05\/BCN-20250715-SFBOS-9.jpg\")
FILE: District 11 Supervisor Chyanne Chen on Tuesday, July 15, 2025. (Autumn DeGrazia\/Bay City News)<\/p>\n