How a public bank could work in San Francisco

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San Francisco is a step closer to having the first city-owned public bank in the U.S. While private banks need to maximize shareholder profits, a public bank has a mission to serve the public interest.

If implemented, the city would deposit its money into the public bank, reinvesting any profits earned back into the community. Currently, the city's treasurer manages the banking relationships for San Francisco's more than 200 bank accounts.

The public bank would focus its initial lending on affordable housing development and homeownership, small businesses and climate change. In the future, the bank could expand its lending services to other areas, including student loans, according to the plan. The proposal calls for $50 million in initial funding, which could come from sources that include the city's general fund, local taxes and philanthropy, Jackie Fielder, co-founder of the San Francisco Public Bank Coalition, told Axios.If residents care about meeting the city's affordable housing goals, supporting small businesses and meeting climate goals, "then they should care about a public bank," Fielder said.

A challenge that exists, however, is getting residents to trust that a public bank can be "effective, accountable, transparent and better, frankly, than a private bank," Thomas Marois, a political economist,While a full-fledged public bank could take three to five years to achieve, it's "one of the best ways to ensure that our city dollars are used to reverse inequities, not perpetuate them," San Francisco Supervisor Dean Preston said in a press statement.

 

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Whoever wrote this headline should have their voting privileges revoked.

Commies

lol

Easy to see who didn't read the article.

What could go wrong?

It's also a drug and shit hole.

Or, ya know, you could just join a credit union and avoid the ensuing, inevitable corruption

Or you can just join a credit union where the customers are the owners.

Credit unions aren’t new

It’s called a credit union and they’re literally all over San Francisco already.

It'll soon be bank-rupt.

Yup. Brazil has public banks. Expensive for clients. Private banks are lower cost.

People's Republic of California. Name checks out!

Because they’re trust worthy 😉😚

What could possibly go wrong?

Lol

San Franghai

Government serving the public interest? That’s a hoot.

me, scrolling into this headline

How many years before they’re pressured to forgive loans - three?

“ A challenge that exists, however, is getting residents to trust that a public bank can be 'effective, accountable, transparent and better, frankly, than a private bank” Um, yeah. Think “Post Office”. Taxpayers will lose millions.

Another ESG bank that will only care about D.I.E.

Can't wait for the meth heads to poop in the lobby while robbing the place

China bought you out when? Propaganda on steroids.

Criminal fringe lunatics, who allow open air drug markets and other rampant crime, who are also now pushing to create a red light district, are opening a bank? What could possibly go wrong?

The slow creep of socialism isn’t so slow

So a credit union but when they lose money the tax payers are on the hook.

It does?

they can't even keep the streets clean

Ummm…

So basically like a credit union ran by the government instead.

LMAO yeah right.

Translation: SF tax payers will payer higher taxes and lose money. Somehow, they keep voting for the clowns 🤡 that run the shitshow!

Hahahahahahahahahhahahahahahahahahahahahhahahahahahahahahahahahahahahahaahhaahahahahahahhaahahhaahahahhaahahahahahah

US Postal Service Banking Now!

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