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US: San Francisco task force to study creating public bank for housing, cannabis

Riley McDermid

San Francisco Business Times

Monday 05 Feb 2018

The City of San Francisco has created a task force to study how it might create a public bank that could help the city's cannabis businesses bank legally and safely, as well as extend loans to low-income residents and help bankroll affordable housing.

The San Francisco Examiner reports that the 16-member task force will now spend six months studying how to bring a public bank online and meet the goals they'd ideally like to see fulfilled:

“There are a lot of aspirations for a public bank — one supporting our cannabis businesses, another is housing, another is businesses,” [Chief Assistant Treasurer Tajel Shah] said. “One of the big challenges is going to be making those policy decisions around what areas and outcomes are we going to focus on and what areas and outcomes are we going to invest in. And what’s the scale.”

The city has a investment portfolio valued at around $10 billion, which is overseen by the Treasurer's Office.

If San Francisco did create a public bank, it would be the first city in the nation to have one; the only other state-owned and operated bank in the country is the Bank of North Dakota.

The issue isn't a new one: Since last fall, State Treasurer John Chiang has been voicing that California should explore creating a public bank to handle the $5 billion projected to be generated by the legalization and sale of recreational marijuana. Chiang has also suggested that state should be ready to deploy armored cars to collect taxes on the industry, too, after many operators have backed out of the sector citing concerns about potential armed robberies.

https://www.bizjournals.com/sanfrancisco/news/2018/02/05/san-francisco-public-bank.html

 

 

 

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