{"id":40306,"date":"2019-04-11T11:01:54","date_gmt":"2019-04-11T18:01:54","guid":{"rendered":"http:\/\/eltecolote.org\/content\/?p=40306"},"modified":"2019-04-11T12:10:48","modified_gmt":"2019-04-11T19:10:48","slug":"sf-public-bank-an-opportunity-to-invest-in-san-francisco-instead-of-wall-street","status":"publish","type":"post","link":"https:\/\/eltecolote.org\/content\/en\/sf-public-bank-an-opportunity-to-invest-in-san-francisco-instead-of-wall-street\/","title":{"rendered":"SF Public bank an opportunity to invest in San Francisco instead of Wall Street"},"content":{"rendered":"
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Illustration: Valeria Olgu\u00edn<\/figcaption><\/figure>\n

<\/b>Editor\u2019s note: Wealth inequality is a central fact of life in the United States, and it\u2019s getting worse. Every day our institutions are becoming more private, more considerate to the needs of big business, and more dismissive of the basic needs of the working class and our most vulnerable communities. For this reason the current movement to establish a true \u201cpublic bank\u201d in San Francisco is revolutionary. The movement, which is gaining steam, calls for a divestment from Wall Street and a re-investment in San Francisco communities. What follows is a commentary by freelance journalist Ian Firstenberg on the latest developments of the SF Public Bank. Firstenberg published an earlier piece with us about the SF Public Bank, which you can read in our Jan. 31, 2019 issue.<\/i><\/p>\n

If we are to continue existing without broad swathes of people being killed and our world being swallowed by wildfire and rising oceans, we must change the way we distribute resources, especially profit and capital. On our current trajectory we are headed toward a post-industrialist world where massive groups of primarily working-class folks are basically cast aside from the economy, while the wealthy implicity dust their hands of any responsibility with a dismissive \u201cYou should\u2019ve worked harder to not be so broke.\u201d<\/p>\n

To be curt, that sounds monstrous. If\u00a0 <\/span>there is a chance we can steer this ship in another direction, we need to take it.<\/p>\n

Public banking might just be that chance. Unlike a conventional municipal bank, which takes taxpayer and general pool funds and invests them in the stock market, a public bank would be beholden to voters, and could use funds to invest directly into things like affordable housing or green energy.<\/p>\n

Back in January, following a groundswell of public support, San Francisco Treasurer Jos\u00e9 Cisneros assembled a Municipal Feasibility Task Force to explore the idea, and what a timeline for implementing it might look like.<\/p>\n

The Municipal Task Force released its final report on March 22, outlining three models for a public bank\u2014Model One, which focuses on lending and reinvesting in areas underserved by the traditional banking industry; Model Two, which creates a public bank that \u201ccan take over the City\u2019s cash management and commercial banking (currently handled by Bank of America and U.S. Bank\u201d); and Model Three, a combination of one and two that allows the city to divest from commercial banking partners and perform reinvestment lending, but not retail banking for customers.<\/p>\n

Dean Preston, an affordable housing advocate and candidate for District 5 Supervisor, sees this as an investment opportunity for the people of San Francisco.<\/p>\n

\u201cI think there\u2019s huge opportunity to invest in local businesses, to invest in affordable housing, look at whether we can acquire some of the student debt that is so burdensome for folks and basically be issuing lower interest loans for those,\u201d Preston said.<\/p>\n

The task force estimated that each of the proposed models would take at least a decade to break even, and that any one of them would require hundreds of millions (if not billions) of dollars in startup costs.<\/p>\n

But the SF Public Bank Coalition, the driving force behind the campaign for a municipal bank, is challenging the report\u2019s findings.<\/p>\n

\u201cThe main concerns we have are the cost and the assumptions that they use that indicated the timeline for the bank to break even,\u201d said Kurtis Wu, the coalition\u2019s co-founder. \u201cI don\u2019t think the report does a good job distinguishing between a \u2018cost\u2019 and an \u2018investment.\u2019 They are very different things. Our coalition is trying to say, \u2018Look this is an investment\u2019 so it\u2019s going to set a return.\u201d<\/p>\n

Wu said the report also ignores the current cost of doing business with Wall Street (which he believes is \u201chuge\u201d), so it isn\u2019t possible to determine in real terms how much it would cost the city.<\/p>\n

Sushil Jacobs, a senior attorney the Economic Justice at Lawyers\u2019 Committee for Civil Rights,\u00a0 <\/span>echoed Wu\u2019s sentiments about the report\u2019s shortcomings.<\/p>\n

\u201cWe think that the cost projections are too high,\u201d he said, adding that the task force neglected to model the potential of financial technology or \u201cfintech\u201d companies (tech companies that \u201cautomate delivery and use of financial services\u201d) to dramatically reduce costs.<\/p>\n

\u201cWe think [the estimated] $40 million annually is way too costly for the technology \u2026 and the City staff didn\u2019t have the time or the expertise to analyze how we could license the technology,\u201d said Jacobs. \u201cThat is the biggest cost in their projection, the cost of technology to bank the City\u2019s money.\u201d<\/p>\n

Both Wu and Jacobs talked about using fintech infrastructure as a way to cut down initial costs.<\/p>\n

\u201cWe\u2019re in the financial tech capital of the world and 90 percent of these companies are doing well because they\u2019re cutting costs, with technology you\u2019re able to do things cheaper,\u201d Wu said.<\/p>\n

As an alternative to the task force\u2019s three models, Jacobs and former San Francisco supervisor John Avalos cosigned a letter proposing a variation called Model 1.5.<\/p>\n

\u201cModel One is a loan fund, Model two and three is the city [being] primary banker. Model 1.5 stands in between those,\u201d Jacobs explained. \u201cThe City would maintain its cash management services with this primary banker, which is this big bank. At the same time it\u2019s incubating this new [municipal] bank.\u201d<\/p>\n

This means an official licensed bank (not just a loan fund) that could take deposits, either from a municipality or private depositors. According to Jacobs, those deposits would help it maintain a \u201clower cost base of capital\u201d for \u201creinvesting into the community and building expertise and core competency in specific type of lending products: affordable housing, small business, green energy, student loans.\u201d<\/p>\n

\u201cModel 1.5 is a way of phasing in a new bank, without just projecting enormous costs up front,\u201d Jacobs said.<\/p>\n

A small army of activists, lawyers, workers and politicians are working tirelessly to clear these initial hurdles, so the decision can ultimately be made by San Francisco\u2019s citizens.<\/p>\n

At this early stage it is important to clarify just what the ideological goals of a public bank would be. What does a \u201cpublic bank\u201d mean? Who does it represent? And who would be dictating the flow of capital? The establishment of such a bank isn\u2019t an adjustment to the traditional banking system, it\u2019s an upheaval of the banking system. From this investment would come a redistribution of profit, to the people.<\/p>\n

As Wu sees it: \u201cIt\u2019s not that profit and people are mutually exclusive \u2026 the question is, \u2018Which people are getting the profit?\u2019 When you frame it like that it becomes a conversation about the redistribution of wealth. The idea of a public bank is essentially saying we can have profit and people together, we\u2019re just deciding which people they are.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Editor\u2019s note: Wealth inequality is a central fact of life in the United States, and it\u2019s getting worse. Every day our institutions are becoming more private, more considerate to the needs of big business, and more dismissive of the basic needs of the working class and our most vulnerable communities. For this reason the current […]<\/p>\n","protected":false},"author":35,"featured_media":40309,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"newspack_popups_has_disabled_popups":false,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"footnotes":""},"categories":[4],"tags":[17670,17502],"coauthors":[],"class_list":["post-40306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-voices","tag-ian-firstenberg","tag-sf-public-bank-coalition","entry"],"yoast_head":"\nSF Public bank an opportunity to invest in San Francisco instead of Wall Street - El Tecolote<\/title>\n<meta name=\"description\" content=\"Editor\u2019s note: Wealth inequality is a central fact of life in the United States, and it\u2019s getting worse. 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