San Francisco Supervisor Proposes Ballot Measure for First US Public Bank

The proposed municipal bank would raise $40-50 million annually for the city's 'Public Bank Fund'.

Feb. 4, 2026 at 10:39am by Ben Kaplan

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San Francisco Board of Supervisor Jackie Fielder has proposed a ballot measure that would create the first public bank in the United States. If approved by voters, the municipal bank would be established by 2029 and fully operational by 2032, with tax revenue flowing into the city's general fund by 2035.

Why it matters

The creation of a public bank in San Francisco would provide an alternative to traditional private banks, potentially offering more favorable lending terms and investment opportunities for local residents and businesses. It also represents a shift away from the dominance of large, private financial institutions in the US.

The details

Supervisor Fielder's ballot measure would raise $40-50 million annually for a 'Public Bank Fund' to capitalize the new municipal bank. By 2029, the bank would begin issuing loans, and by 2032 it would be a fully-fledged institution with FDIC insurance. The tax revenue generated by the bank would then be moved to the city's general fund by 2035.

  • On Friday, January 16, 2026, revisions to the large bank supervisory rating framework of the Federal Reserve Bank took effect.
  • On Tuesday, February 3, 2026, Supervisor Jackie Fielder proposed the ballot measure.
  • March 31, 2026 is the deadline for the Office of the Comptroller of the Currency's (OCC) semiannual assessments.
  • On Wednesday, April 1, 2026, new leverage capital standards for depository institutions will take effect.
  • Tuesday, June 30, 2026, is the deadline for banks and credit unions to submit Quarter 2 Call Reports to regulators.

The players

Jackie Fielder

San Francisco Board of Supervisor for District 9, who proposed the ballot measure to create a municipal public bank.

Office of the Comptroller of the Currency (OCC)

The federal agency that oversees the semiannual assessments and other regulatory deadlines for banks.

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What they’re saying

“By 2029, the municipal bank will be issuing out loans. By 2032, it will be converted into a full-fledged institution with FDIC insurance. By 2035, the bank's tax revenue will be moved from 'Public Bank Fund' to the city's general fund.”

— Jackie Fielder, San Francisco Board of Supervisor (thesfnews.com)

What’s next

The ballot measure proposed by Supervisor Fielder will go before San Francisco voters in 2026. If approved, the city will begin the process of establishing the municipal public bank, with the goal of having it fully operational by 2032.

The takeaway

The creation of a public bank in San Francisco represents a significant shift in the city's approach to finance, moving away from reliance on large private institutions and towards a more community-oriented, mission-driven model. If successful, it could serve as a blueprint for other cities and states looking to establish their own public banking options.