Asks voters to change the city charter: Charter Amendment (First Draft) to amend the Charter of the City and County of San Francisco to allow the establishment of a Municipal Finance Corporation and Public Bank as nonprofit corporations, and to set forth the mission, principles, and governance structure of those corporations. In short: voters would decide.
Charter Amendment (First Draft) to amend the Charter of the City and County of San Francisco to authorize the establishment of a Municipal Finance Corporation and Public Bank as nonprofit corporations, and to set forth the mission, principles, and governance structure of those corporations; at an election to be held on November 3, 2026.
How it got here
The legislation to establish a Municipal Finance Corporation and Public Bank in San Francisco originated from a series of prior actions and studies aimed at addressing financial inequities and supporting local economic development.
The California Public Banking Act (AB 857) was passed, allowing local jurisdictions to create public banks to enhance local economies and address infrastructure needs.
The Board established the Reinvestment Working Group (RWG) to develop a business and governance plan for a Municipal Finance Corporation and Public Bank.
The RWG presented a Final Governance Plan, Business Plan, and Viability Study for the Municipal Finance Corporation and Public Bank, which was unanimously accepted by the Board of Supervisors.
The Board passed a resolution urging the Treasurer-Tax Collector to establish the Municipal Finance Corporation to support the San Francisco Climate Action Plan.
The Board introduced a Charter Amendment to authorize the establishment of a Municipal Finance Corporation and Public Bank, scheduled for a vote on November 3, 2026.
The Clerk referred the Charter Amendment to relevant departments for review and response, including the Controller and Planning Department.
The Controller provided a response indicating that the proposed Charter amendment would not impact government costs unless the MFC is established.
The Rules Committee scheduled a hearing to discuss the Charter Amendment as part of the legislative process.
Reconstructed from attached documents & the official record
