Board orders municipal finance corporation and public bank charter amendment submitted to voters

On July 7 the San Francisco Board of Supervisors ordered submitted to the ballot a charter amendment that would authorize the establishment of a municipal finance corporation and a public bank as nonprofit corporations and set their mission, principles and governance for voter consideration on Nov. 3, 2026.

The clerk described the amendment as a charter change that, if approved by voters, would authorize creation of those entities. After roll-call voting the clerk reported nine ayes and two nos; the clerk identified Supervisors Cheryl and Wong as the two no votes. The board ordered the charter amendment submitted to the voters.

The clerk’s item description noted the amendment includes governance and mission language for a municipal finance corporation and a public bank and will be presented to voters at the November election. The amendment’s specific operational or fiscal impacts were not detailed in the board description during the meeting; the item was ordered submitted, beginning the ballot process.