Reinvestment Working Group

 

The San Francisco Reinvestment Working Group was created by ordinance #87021, and tasked with submitting to the Board of Supervisors and the Local Agency Formation Commission (LAFCo), a business and governance plan to establish a non-depository lending corporation wholly-owned by the City. Also within one year its first meeting, the Working Group must submit to the Board and LAFCo a separate business and governance plan for the MFC to become a state-licensed public bank. Among other requirements, this plan must include the business plan elements required for a State public bank license; a study required to apply for a State public bank license; and lending priorities. The plan must recommend a governance and regulatory structure for the Public Bank; modifications to City laws and regulations; and whether the City should partner with another local agency in the establishment and operation of a public bank.

At the May 18, 2023 special meeting of the San Francisco Reinvestment Working Group, the RWG members voted to submit to the Board of Supervisors and to the Local Agency Formation Commission the San Francisco Municipal Finance Corporation Business and Governance Plan and Viability Study and the San Francisco Public Bank Business and Governance Plan and Viability Study, as prepared by HR&A Advisors:

On June 22, 2023, pursuant to Administrative Code, Section 2. Chapter 5, Article 16, the San Francisco Local Agency Formation Commission submitted, on behalf of the San Francisco Reinvestment Working Group, to the Board of Supervisors and LAFCo Commissioners, the Final Governance Plan, Business Plan and Viability Study for a San Francisco Municipal Financial Corporation and Final Governance Plan, Business Plan and Viability Study for a San Francisco Public Bank. Included in the file:

  • RWG Item 1: Governance and Business Plans for MFC (step 1)
  • RWG Item 2: Governance and Business Plans for Public Bank (step 2)
  • RWG Item 3: Letters from members of the Reinvestment Working Group to the BOS and LAFCo
  • RWG Item 4: Letter from the RWG Chair on the Public Bank Governance Plan

(Original file sent to BOS)

On July 20, 2023, the Board of Supervisors’ Government Audit and Oversight Committee (GAO) held a Hearing to consider the Reinvestment Working Group’s (RWG) Final Governance Plan, Business Plan and Viability Study for a San Francisco Municipal Financial Corporation and Final Governance Plan, Business Plan and Viability Study for a San Francisco Public Bank; and recommend the Board of Supervisors accept the RWG’s proposed Plan; and requesting the Local Agency Formation Commission (LAFCo) to report. The RWG’s final plans were presented by the Chair of the RWG, the HR&A Team, and LAFCo staff. The GAO Committee approved a motion that the Hearing be Prepared in Committee as a Resolution to accept the Reinvestment Working Group’s Plans, for introduction at the full Board of Supervisors. Links to the July 20, 2023 GAO meeting materials:

On September 5, 2023, the Board of Supervisors approved the Resolution accepting receipt of the San Francisco Reinvestment Working Group’s Final Governance Plan, Business Plan and Viability Study for a San Francisco Municipal Financial Corporation and Final Governance Plan, Business Plan and Viability Study for a San Francisco Public Bank.

 

Members and Staff
Seat Member Name Seat Attributes
1 Rafael Morales Technical expert in financial institutions
2 Jennifer Finger Technical expert in financial institutions
3 Elizabeth Dwyer Technical expert in financial institutions
4 Fernando Marti (Vice Chair) Community representative
5 Christin Evans (Chair) Community representative
6 Michelle Pierce Community representative
7 Syvia Chi Community representative
8 Anna Van Degna Controller's designee
9 Amanda Fried Treasurer's designee

 

Staff
Khalid Samarrae
Policy Analyst
khalid.samarrae@sfgov.org

 

  • RWG Bylaws (Approved by RWG Members on August 18, 2022) 
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