November 2026: Vote YES on Prop B to Establish a Municipal Finance Corporation and Public Bank

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The San Francisco League of Conservation Voters (SFLCV) urges you to support Prop B, the Municipal Finance Corporation and Public Bank Measure.

Prop B amends the Charter to authorize the establishment of a Municipal Finance Corporation (MFC) and Public Bank as nonprofit corporations, and to set forth the mission, principles, and governance structure of those corporations. The Reinvest SF Working Group was established by the Board of Supervisors and has been working since 2022 to develop those criteria.

We feel the governance structure is sound, with myriad checks and balances, such as:

  • Subject to the availability of adequate funding and resources

  • Partner with banks, credit unions and Community Development Financial Institutions (CDFIs)

  • Establish an Oversight Commission and a Board of Directors for both the MFC and Bank

  • Members of the Oversight Commissions and Boards of Directors are appointed by the Treasurer, Controller, City Attorney, Mayor, and Board of Supervisors

  • SF Board of Supervisors (BoS) may dissolve the MFC and Public Bank by a unanimous vote

  • BoS may approve legislation necessary to comply with federal or state laws or regulatory directive by a supermajority vote

The debate about whether or not San Francisco should set up a public bank can be confusing. Supporters say it could help San Francisco pursue affordable housing and environmental goals. Critics say the City can accomplish those goals with tools it already has. Supporters say that the interest earned would be reinvested locally. Opponents worry about an opportunity for corruption. One issue is important to clarify: average citizens cannot bank at a public bank. 

The important thing to know when deciding how to vote on Prop B is that many, if not most, of the concerns critics raise relate to the funding and operations of the bank. For a public bank to actually start operating, it needs startup capital, which Prop B does not address.

The state statute that authorizes local governments to establish public banks has an expiration date of January 1, 2029. We must establish the governance structure now so that we keep open the option of a public bank in the future. 

Please vote Yes on Prop B!