Supervisor Preston extends deadlines for San Francisco's Reinvestment Working Group reports
February 13, 2023 | San Francisco County, California
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The San Francisco County Board of Supervisors convened on July 4, 2025, to discuss an ordinance extending the timeline for the Reinvestment Working Group, which is focused on establishing a public bank in the city. The ordinance aims to push back the deadline for the group to submit its required reports to the Board of Supervisors and the Local Agency Formation Commission (LAFCO) from September 30, 2023, to December 31, 2023.
Supervisor Dean Preston, the ordinance's sponsor, emphasized the importance of this extension, citing delays in the initial phases of the working group, including hiring consultants and obtaining legal advice. He expressed excitement about the progress made toward creating a municipal public bank, highlighting the contributions of various stakeholders, including Kristen Evans, the chair of the working group, and the San Francisco Bank Coalition.
The Reinvestment Working Group was established in 2021 with the goal of developing business and governance plans for a non-depository lending corporation and a public bank, both owned by the city. Recent developments include the receipt of draft plans that incorporate feedback from regulatory bodies such as the FDIC and the California Department of Financial Protection. The group plans to solicit community feedback on these drafts over the next three months, aiming to finalize the plans by March and May 2026.
During the meeting, several supervisors expressed their support for the extension, noting the potential of a public bank to address issues such as affordable housing, small business support, and climate justice. Public comments echoed this sentiment, with community members advocating for the extension to ensure thorough and accurate planning.
The ordinance passed unanimously, allowing the Reinvestment Working Group additional time to refine its proposals, which could significantly impact the financial landscape of San Francisco and serve as a model for other municipalities in California. The next steps involve continued community engagement and the finalization of the business plans, with the working group expected to report back to the Board of Supervisors in the coming months.
Supervisor Dean Preston, the ordinance's sponsor, emphasized the importance of this extension, citing delays in the initial phases of the working group, including hiring consultants and obtaining legal advice. He expressed excitement about the progress made toward creating a municipal public bank, highlighting the contributions of various stakeholders, including Kristen Evans, the chair of the working group, and the San Francisco Bank Coalition.
The Reinvestment Working Group was established in 2021 with the goal of developing business and governance plans for a non-depository lending corporation and a public bank, both owned by the city. Recent developments include the receipt of draft plans that incorporate feedback from regulatory bodies such as the FDIC and the California Department of Financial Protection. The group plans to solicit community feedback on these drafts over the next three months, aiming to finalize the plans by March and May 2026.
During the meeting, several supervisors expressed their support for the extension, noting the potential of a public bank to address issues such as affordable housing, small business support, and climate justice. Public comments echoed this sentiment, with community members advocating for the extension to ensure thorough and accurate planning.
The ordinance passed unanimously, allowing the Reinvestment Working Group additional time to refine its proposals, which could significantly impact the financial landscape of San Francisco and serve as a model for other municipalities in California. The next steps involve continued community engagement and the finalization of the business plans, with the working group expected to report back to the Board of Supervisors in the coming months.
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