Proposition B Would Lay Groundwork for a San Francisco Public Bank

The San Francisco Public Press walked through what November Prop B actually does: a Charter amendment to authorize a Municipal Finance Corporation, not a bank, a tax, or startup money on election night. Funding would have to be found later.

The piece quotes Controller Greg Wagner’s analysis: establishing the corporation and moving it toward a public bank could cost about $310 million to $460 million over eight years. Some of that could come from grants and forgivable loans “unlikely to be repaid,” and sustainability “is not guaranteed.”

It also records the opposition already on the record — Mayor Lurie, Supervisors Sherrill and Wong — and the fact that residents still could not open accounts. A public bank is not a neighborhood checking account.