How a public bank could work in San Francisco

Axios - San Francisco is a step closer to having the first city-owned public bank in the country, following the release of a plan outlining how one could operate in the city.While private banks need to maximize shareholder profits, a public bank — set up and operated by the city — has a mission to serve the public interest. A draft plan released last week from the city's Reinvestment Working Group said a public bank would seek to better serve the needs of low-income residents and communities of color in San Francisco, who have historically faced redlining and limited access to banking services.Currently, just one public bank exists in the U.S., the Bank of North Dakota. The process in San Francisco is likely to take years due to state and federal regulatory hurdles the city needs to overcome.