Indivisible SF endorses YES on Proposition B, charter amendment for the SF Public Bank.

Indivisible SF endorses Proposition B, charter amendment for the San Francisco Public Bank. Vote yes on November 3

Proposition B will allow San Francisco to create a Municipal Finance Corporation and a Public Bank, by making the necessary amendments to the SF city charter to establish them. A public bank would allow the city to fund projects that can pay for themselves, but cannot be started because of lack of capital, such as starting small businesses, building affordable housing, and renewable energy projects like rooftop solar. Projects like these are frequently scorned by the large commercial banks, since they do not offer the large returns on investment those banks want. The city needs to demonstrate, to the public and to regulators, that it can run such an institution, and it will do this by starting the enterprise as a Municipal Finance Corporation (MFC). Like a bank, the MFC will make loans, but instead of getting funds from depositors it will use funds from other agencies, such as federal, state, and non-profit grants. After operation for several years, the MFC will make the transition to a depository bank.

Additional information in https://sfpublicbank.org/resources/,

and in https://docs.google.com/document/d/1Zm-Ziv_OhdXNwuVNF0OF5xiehYMSqdvxOlo17FtssVw/