The Board of Supes took a step toward the creation of a public bank today, approving unanimously a resolution by Sup. Sandra Lee Fewer that puts the city on record supporting state legislation that would authorize local government bank charters.
A long line of speakers came forward to support the resolution, which among other things asked the mayor to direct the city’s Sacramento lobbyist to support the plan.
The Assembly Banking and Finance committee held a special hearing on the matter Monday, Fewer said, and the discussion was productive.
That’s a long way from a bill authorizing a local public bank – the banking industry is almost certain to oppose the idea, and finance is a powerful player in Sacramento.
But the more cities get on board, the more pressure legislators will face to approve enabling legislation that would clear the way for a San Francisco public bank.
And the overwhelming support in this city suggests strongly that this is an issue whose time has come.
