Common cents for San Francisco: Avalos schedules public hearing on a municipal bank

Ann Garrison • • October 21, 2011

On Saturday, Oct. 15, KPFA Weekend News reported that the City of San Francisco probably pays private banks, mostly Bank of America, as much as $100 million a year in banking service and municipal bond underwriting fees. That’s arguably $100 million a year’s worth of common cents that San Francisco stands to gain for small business loans, schools, parks, mass transit, health, and other human and neighborhood services.

On Oct. 15, KPFA reported that a municipal bank is finally on the table, and that Supervisor and mayoral candidate John Avalos has scheduled a public hearing at San Francisco City Hall for Oct. 24. Supervisor Avalos’s staff has since reconfirmed that the hearing will be held on Monday, Oct. 24, in the City Operations and Neighborhood Services Committee meeting in Room 250 at City Hall and that there will be time for public comment. The meeting is expected to begin at 10 a.m., the bank discussion at 10:30.

Read the article here.

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