Create the Public Bank of San Francisco #SFPublicBankNow
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We urge the San Francisco Board Of Supervisors, Mayor, and Treasurer to divest its approximate $10 billion dollar cash flow from private banks and create a city charter Public Bank for San Francisco. We want our taxpayer money to go back to the community, not to profits for Wall Street.
We need a public bank that will operate with principles of equity, social, racial, economic and environmental justice.
San Francisco taxpayer money currently goes to big banks that engage in socially and environmentally destructive practices. From predatory lending practices for low-income communities of color, to funding fossil fuel extraction, firearms, prisons, to charging The City high interest rates on loans for retrofitting our schools and hospitals.
It’s clear that banks are run to make money for wealthy shareholders and not for the benefit of those living in San Francisco.
A public bank would allow the city to have more local control, transparency, and allow us to move in a direction to achieve sustainable community investments.
A recent report from the City’s Budget and Legislative Analyst notes that “a public bank would be better equipped to meet the city’s business needs and public policy goals”. The report also stated that the benefits could create more funding for loans for affordable housing projects, small businesses, and low-income households.
We need a bank that is diverse, inclusive, and that represents all of its community members.
We, the undersigned demand that San Francisco city officials move as swiftly as possible to create a public bank for the public good!
*if you would like to get involved in pushing the City to create a public bank please email firstname.lastname@example.org*
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