The San Francisco chapter of the Democratic Socialists of America is pleased to announce that our members have voted to formally join the San Francisco Public Bank Coalition (SFPBC), a collaboration of local left and progressive groups working to promote and shape a public bank for San Francisco. The final vote count is 96 in favor, 0 against, and 4 abstained. This met our quorum requirement of 50% of eligible voters with 100 / 193 eligible, a voter turnout of 52%.
San Francisco has about $8.5 billion in financial assets. This is, essentially, OUR money — taxpayer funds and the proceeds of bond sales. Instead of working to improve the quality of life of San Franciscans, this money is invested in sectors that exacerbate negative environmental conditions and socio-economic disparities, including the fossil fuel industry, the prison-industrial complex, and defense contractors.
Today the Budget and Finance Committee begins a process to explore the viability and shape of a public bank for San Francisco. SF DSA is pleased to stand with the San Francisco Public Bank Coalition in promoting a public bank focused on equity, sustainability, and justice.
The SFPBC is a collaboration including the SF Defund DAPL Coalition, SF Rising, Alliance of Californians for Community Empowerment, SF Berniecrats, and the CA Faculty Association, as well as other activists, community leaders, and groups still becoming involved. The San Francisco chapter of the DSA is honored to work alongside to help build a San Francisco that works for its residents. Read more about the goals of the coalition on the Facebook page.