Supervisors Malia Cohen and Sandra Fewer are promoting a task force to look into the creation of a city-owned bank. Supporters of the idea see it as a way to help undocumented immigrants who are unable to get accounts at commercial banks, the state’s newly legal marijuana industry that is unable to do certain transactions that would run afoul of federal law, and would give the city control over its banking dollars in a time of issue-driven boycotts and divestment movements.
“I think it’s realistic,” Cohen told the San Francisco Chronicle. “It will be incredibly difficult, though.”
