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.

 

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) 

• California Assembly Bill 857 - Public Banks
• San Francisco Ordinance 87-21 - San Francisco Reinvestment Working Group
• Department of Financial Protection and Innovation (DFPI) - Public Bank Regulations
• Federal Deposit Insurance Corporation (FDIC) - Deposit Insurance Applications From Proposed Publicly Owned Depository Institutions
• U.S. Congress
  • SAFE Banking Act of 2021 (HR 1996 & S 910)
  • Public Banking Act of 2020 (HR 8721)
  • National Infrustructure Bank Act of 2021 (HR 3339)
• Public Banking Community
  • California Public Banking Alliance (CPBA)
  • San Francisco Public Bank Coalition (SFPBC) 
• San Francisco Public Banking Reports
  • Budget & Legislative Analyst - Updates to July 2020 report on Municipal Bank Issues and Options (October 29, 2021)
  • Office of the City Attorney - Use of the Investment Pool to Capitalize a Public Bank or Municipal Finance Corporation (June 29, 2021)
  • Budget & Legislative Analyst - Municipal Bank for San Francisco: Issues and Options for Consideration (July 24, 2020)
  • Office of the Treasurer & Tax Collector - Municipal Banking Feasibility Task Force (March 1, 2019)
  • Budget & Legislative Analyst - Community Supportive Banking Options 2017 Update (November 27, 2017)
  • Budget & Legislative Analyst - Large Bank Social Responsibility Screening (May 19, 2017)
  • Budget & Legislative Analyst - Community Supportive Banking Options (September 8, 2011)
• Suggested Reading for RWG Members
  • FDIC - Applications from Non-Bank and Non-Community Bank Applicants (distributed to RWG Members on June 24, 2022)
  • FDIC - A Handbook for Organizers of De Novo Institutions (distributed to RWG Members on June 24, 2022)
  • FDIC - Business Plan Guidelines (distributed to RWG Members on June 24, 2022)
  • San Francisco Budget Process Timeline (distributed to RWG Members on July 22, 2022)
  • African American Reparations Advisory Committee - San Francisco Reparations Plan (distributed to RWG Members on January 6, 2023)