San Francisco may be the first city in the U.S. to launch a public bank. The city’s project supervisors Malia Cohen and Sandra Fewer released a detailed report on the idea to the city last week and a task force to examine the idea further is expected to be formed early in the new year. The only public bank in the U.S. is the state-owned and operated Bank of North Dakota. However, others may follow suit as Wall Street financial institutions are coming under increased criticism for unethical banking practices and investments in fossil fuels.
Source: San Francisco Examiner