San Francisco LAFCO introduces Reinvestment Working Group, hires HR&A to draft public‑bank plans

San Francisco’s Local Agency Formation Commission on Monday introduced members of a newly formed Reinvestment Working Group and a consulting team contracted to develop feasibility, governance and business plans for a potential public bank.

Khaled (policy analyst for the working group) and Chair Kristen Evans introduced members who will represent community, housing, financial‑institution and other stakeholder seats. Members who spoke by name included Rafael Morales (Self‑Help Federal Credit Union), Jennifer Finger (Beneficial State Bank), Liz Dwyer (community development finance), Sylvia Chi (Just Solutions Collective) and Anna Vandegna (public finance director, controller’s office). The treasurer’s representative, Amanda Free, notified staff that she had a conflict and was not present.

Giacomo of HR&A Advisors outlined the consultant team’s two‑phase scope: an accelerated Phase 1 focused on education and community engagement to identify a banking model and priorities (about three months), followed by Phase 2 work to build governance, business and financial viability plans and regulatory documents necessary to seek authorization and regulatory approval. Giacomo said the consultants will also produce deliverables to support filings with relevant regulators.

Working group members emphasized racial and economic justice, housing priorities and accountability to community stakeholders as central design goals. Commissioner comments praised the volunteer members and said the group’s schedule will help San Francisco advance a public‑bank model that could inform similar efforts nationally.

Public commenter Reyna Theo, calling in on behalf of the Public Bank Coalition, thanked staff and asked that interpretation and language access continue so the process remains accessible to monolingual residents.

What’s next: the working group will meet regularly (members noted meetings on the third Thursday at 3 p.m.) and HR&A will begin Phase 1 engagement and return progress updates to LAFCO.