Bright and early Monday morning at City Hall:
“Supervisor John Avalos To Hold Hearing on Local Banking Options and Alternatives to Corporate Banks
San Francisco, CA – Supervisor John Avalos, Chair of the City Operations and Neighborhood Services Committee will hold a hearing on local alternatives to corporate banking institutions.
WHAT: Hearing on Local Banking Options
WHEN: Monday, October 24, 10am
WHERE: City Hall, Board Chamber
WHO: Committee Members, Treasurer Jose Cisneros, Budget and Legislative Analyst Office, Community groups
“Wall Street speculators and large banks crashed our economy and have done little to nothing to help since we bailed them out,” said Avalos. “As a city, we need to make sure that we are leveraging all our resources and wealth to support our revitalize our economy by supporting our homeowners, small businesses, and students.”
The hearing will include a presentation from the City’s Office of Budget and Legislative Analyst, who has prepared at report on community supportive banking alternatives at the behest of Supervisor Avalos whose District faces one of the highest rates of foreclosure in the City.
The alternatives outlined in the report range from investing in community development banks to creating a Municipal Bank to serve the City of San Francisco in much the same way the Bank of North Dakota has spurred local development in that state.”
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