District 11 Supervisor Chyanne Chen is leading the push to create a public bank.
Chen requested that a charter amendment be drafted to create a municipal financial corporation and public bank, she announced on Tuesday. The amendment is intended to go before voters in November.
“San Franciscans need and deserve bold solutions to address housing affordability, small business vibrancy and climate sustainability, and this is the right time to advance solutions that lead towards a just economic recovery for all San Franciscans,” Chen said in a statement.
A public bank would allow San Francisco to “develop financing tools and lending products that will benefit three of San Francisco’s most consistent priorities: affordable housing, small business, and climate sustainability,” according to a news release.
