SF City Officials, Community Voices Discuss Municipal Banking Alternatives

Supervisor Avalos opened the proceedings by discussing his ambitions to create a public city bank in San Francisco, citing the recent efforts of 14 states around the U.S. To introduce legislation on creating such institutions, as well as the success of the only public bank in the nation, the Bank of North Dakota. Public banking advocates point to BND has having helped the state achieve a nationwide low in unemployment (3.2%) and the only budget surplus in the country, all during a significant recession. BND reported a seventh consecutive year of record-breaking growth in April of this year, tallying profits over $60 billion, about half of which goes into the state’s general fund each year. Avalos referenced the worldwide Occupy movement as evidence of growing dissatisfaction with large financial institutions, and indicated that it was time for San Francisco to let its banking choices accurately reflect its values.

via BeyondChron: San Francisco’s Alternative Online Daily News » Avalos, City Officials, Community Voices Discuss Municipal Banking Alternatives.

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