Frequently Asked Questions

  • Public banks are owned by and accountable to the people. They are an engine for investing in and building our communities because the money that would typically go to maximizing private profits with private banks instead goes right back into the community. Public banks solve many problems and provide tremendous value for communities across the world. 25% of the world's banking assets are held in public banks because they work so well at reinvesting public funds to support community development.

  • The public bank of San Francisco will provide affordable loans for the things San Franciscans need. The proposed public bank will focus on lending to affordable housing, green energy, infrastructure, and small business. The public bank will allow our local money to go further, allowing SF to recycle the interest paid on loans to the public bank into more local projects while also reducing the cost of borrowing for our city.

  • Public banks are a tried and tested economic development method, with one quarter of the world's assets currently held in public banks, but they are relatively rare in America because of the power of private banks here.

    The best example in the United States is the Bank of North Dakota, founded more than 100 years ago. The Bank of North Dakota is a flexible tool that uses the money North Dakotans do not have to pay Wall Street to respond rapidly and effectively to residents' needs.

    The Bank of North Dakota created the nation's first federally insured student loan program, is notably effective in amplifying and rapidly distributing disaster relief during floods and fires, and helped North Dakota businesses get the most PPP loans per capita during the COVID-19 crisis.

  • No. Prop B is NOT a tax. It simply ensures that the San Francisco Public Bank will be fiscally responsible, independent from political influence, and dedicated to serving the priorities of San Franciscans by enshrining its structure in the City Charter.