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Board of Supes Unanimously Supports Creation of Nation’s First Municipal Public BankFinance

Board of Supes Unanimously Supports Creation of Nation’s First Municipal Public Bank

San Francisco — The Board of Supervisors took a historic step last Tuesday as they unanimously passed an ordinance that starts the process of founding the nation’s first municipal public bank. The public bank would be run by the City and would reinvest millions of dollars of public revenue in economic recovery, affordable housing, small business loans, and green infrastructure. Support for a municipal public bank has steadily grown since the 2008 financial crisis in which private investment banks recklessly bet away billions in pensions and were subsequently bailed out with public funds. In San Francisco, the SF Public Bank Coalition has been advocating that the city divest its more than $12 billion in public revenues from private banks and…

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