SFPBC's Proposed Governance Structure to the Reinvestment Working Group
Introduction & BackgroundIn October 2019, the state of California passed AB 857 to provide a pathway for local government agencies to charter public banks. A year and a half later, the San Francisco Board of Supervisors created The San Francisco Reinvestment Working Group (RWG) by unanimously passing ordinance No. 87-21. The RWG is tasked with submitting to the Board of Supervisors and the Local Agency Formation Commission (LAFCo), a business and governance plan to establish a non-depository lending corporation wholly-owned by the City. Also within one year of its first meeting, the Working Group must submit to the Board and LAFCo a separate business and governance plan for the MFC to become a state-licensed public bank. Among other requirements, this plan must include the business plan elements required for a State public bank license; a study required to apply for a State public bank license; and lending priorities. The plan must recommend a governance and regulatory structure for the Public Bank; modifications to City laws and regulations; and whether the City should partner with another local agency in the establishment and operation of a public bank.
The RWG began meeting in April 2022 and is being consulted by HR&A Advisors, The Findley Companies, and Contigo. The governance structure outlined below is a model generated by advocates within the San Francisco Public Bank Coalition (SFPBC), which has been organizing around a public bank since 2017. The SFPBC submitted this proposal to the RWG and its consultants for consideration.
Download the governance proposal here!
The RWG began meeting in April 2022 and is being consulted by HR&A Advisors, The Findley Companies, and Contigo. The governance structure outlined below is a model generated by advocates within the San Francisco Public Bank Coalition (SFPBC), which has been organizing around a public bank since 2017. The SFPBC submitted this proposal to the RWG and its consultants for consideration.
Download the governance proposal here!
| governing_a_san_francisco_public_bank.pdf |