Thank you. The board of supervisors and committees are convening hybrid meeting that allow inperson attendance and Public Comment while Remote Access and Public Comment via telephone. The board recognizes equitable Public Access is essential and will take Public Comment first Public Comment will be taken on each item. Those in person will be allowed to speak first, then take those waiting on the telephone line. When your item of interest comes up, those joining in person should line up to speak and those on the telephone dial star 3 to added to the queue. If on your phone, please remember to turn down your tv and listening devices you may be using. You may submit written Public Comment to the government audit oversight clerk at stephanie. Cabrera sfgov. Org. You may send written comments to our office in city hall at 1 dr. Carlton b goodlett place, room 244, San Francisco california 94102. If you submit Public Comment in writing it will be forwarded to the sfr visors and included as part of the file. Items acted upon today are expected to appear on the board of supervisor agenda of september 5, 2023 unless otherwise stated. Thank you. Thank you madam clerk. Lets go ahead andactually, before we call the first item, i like to make a motion to excuse supervisor chan. On the motion to excuse supervisor chan, vice chair stefani, aye. Member mandelman, aye. Preston, aye. You have three ayes. The motion passes and call item 1. Hearing to consider the Reinvestment Working Group final goverance plan, Business Plan and viability study fl San Francisco municipal Financial Corporation for San Francisco public bank and recommend the board of supervisors accepting the rwg proposed plan and request local Agency Formation commission to report. As noted, the chair may entertain a motion to prepare a motion in committee to accept the proposed subject plan. Members of the pub lrk who wish to comment on this item and viewing remotely should call the number scrolling across the screen and enter the meeting id. If you are on hold, please dial star 3 to be added to the speaker line. The system will indicate your are raised your hand. Please wait until you are unmute d and you may begin your comments. Thank you. Before we hear from presenters, i want to say a few words about this. This has been quite a road to get here and very excited that the Reinvestment Working Group completed its work that we are here today with long awaited much discussed and analyzed plan for public banking in San Francisco. I want to say some thanks to some folks, and before we get started and maybe give a little context and then well hear from presenters and have discussion about some of the details. Let me start by thanking the Reinvestment Working Group members lead by chair Kristen Evans who is here at the mic. Welcome. Vice chair marte, and members of the Reinvestment Working Group sylvia chi michelle pierce, rafael morales, indiscernible from the Controllers Office and amanda freed from the treasurers office. I cannot overstate the amount of time and energy and brain power these folks dedicated to this task over the last 18 months to create the governance plan, Business Plan and viability study around a San Francisco municipal finance corporation. Otherwise known as mfc and San Francisco public bank and well hear more details on that soon. But thanks go beyond the Reinvestment Working Group members, and i want to specifically acknowledge the crucial role that lafco has played in developing these plans, and with us today from lafco, jeremy pollack, executive officer of lafco and indiscernible pologist analyst to the reinvestment working grume. Thank you for your tireless work on that. The San FranciscoPublic Bank Coalition who lead efforts in San Francisco to get us on track not just to change state law and work with the California Public banking coalition, but move things forward locally. They have really been an incredible resource to the city and Advocacy Group to get this moving. The Reinvestment Working Group and they may acknowledge folks themselves , but i want to acknowledge the exalism ary work of hr a advisors that provided a lot of Technical Expertise to the working group, particularly indiscernible and andrea butista, the consultants who have been working on this, and also gary finly of the finly group and susanna indiscernible these folks brought a lot of expersatize to the table in really looking at how other jurisdictions around the world have successfully launched public banks and how we could do it here in San Francisco, and also want to acknowledge the Clerks Office, particularly angela c and indiscernible for all their support along the way. And last but not least, i just want to acknowledge that thispoliticians come and go and sometimes we hand the baton from one to the next and that is certainly the case with a longterm project like creating a public bank, so i want to acknowledge former Supervisor John Avalos who got things rolling in city hall around public banking. Fallowed by former supervisor sandy feur who works on the Public Bank Coalition and our current City Attorney david chui who when he was wearing a different hat in the California Assembly was the lead author on the legislation which paved this exact path for creating under state law a public bank. The path we are now on. Add to that list Ben Rosenfield and our treasurer jose cisnaros, through direct engagement with our office and there is obviouslyif and when we have a public bank, the treasurer of city and county of San Francisco is absolutely essential to implementing that work and making this a success, so we appreciate his partnership in thinking through this. I willi am going to hold off on a lot of comments on the importance of public banking, because i imagine the folks who are here from the public and presenters will talk about that. I want to make clear what we are and not doing today for both the public and for my colleagues on the committee, and others who are watching this. We are not adopting an ordinance that will create a public bank. Tomorrow we are hearing from and accepting the plans and recommendations from the body that the board of supervisors created, the Reinvestment Working Group to bring us a plan. Well hear that plan. I where believe this will set us on a path to creating public bank in San Francisco, but that will take legislative action and all leaders in city hall working together to figure out the details on the structure and the details on the funding and so forth. But at the end of the day, we remain in my office and i know from others on this board committed to working with advocates, working with all city leaders to create a Municipal Bank in the city and county of San Francisco. I also personally would like to see the city and county of San Francisco be the first city in the nation to create a public bank and the good news and bad news on that front is, others are interested, so thats good. Other cities are looking into this, but in some ways we are at the head of the pack so i like to continue the momentum and make San Francisco the first city with a public bank. I think that the key things youll hear about are the opportunities that a municipally owned bank offers to invest in the three principle areas that this plan would focus a public bank on it and that is funding Affordable Housing in San Francisco, funding Small Businesses in San Francisco, and Green Infrastructure here. Well hear more about what that means and the details how we would do that, but i think it is important that we situate this in the time we are in, where a lot of us in city hall are talking about economic recovery and what that looks like here in San Francisco. The pandemic presented a dier economic realty. We have just gotten through it budget process stairing at the hundreds of millions in deficits. We know the impact of the deficits and economic struggles in the city are not felt equally. We know that the inequities in our city that exist, particularly along racial and Socio Economic lines have been exacerbated by the pandemic and if we dont have proactive strategies stretching years into the future we will see further inequality how resources are invested in our city. Communities of color in particular have been disproportionate ly impacted by the health and economic ramifications of the pandemic and have been impacted disproportionately by the failures of private for profit banking in our country and in our city with a history of redlining and other practices that targeted communities of color and one of the many reasons that public banking is absolutely essential. Ill just note and are this is something my colleague just joined us supervisor walton in his recent introduction around bankss closing in his district. We have seen Mission Local reporting on banks closing in the bayview, as well as recent settlements by Private Banking by wells fargo over a billion dollar Class Action Lawsuit that stemmed from racist practices like redlining and wrongful for closure and pred tore loans. There is a need to make sure we serve the needs of our community how we invest capital in San Francisco and very excited at the possibilities of having a robust public bank here as we try to chart a path to economic recovery in San Francisco. With that, i know we have some presenters today and i think we willi believe mr. Samurai or chair evans, who is starting off . Chair evans. Welcome. Thank you for all your tireless work. Thank you supervisors for the time toed to deliver what is the culmination of months by the 9 member body. There are cup others of the San FranciscoReinvestment Working Group including there are also members in the audience from the San Francisco banking public banking coalition, and im sure they will be making Public Comment here later after our presentation. Im here to kick us off and hand it off to our policy experts to give you the fundamental details of the plan. The need for the San Francisco public bank is more urgent then it ever has been. Economic disparities, the lack of Affordable Housing and Climate Change are all crisis that large for profit banks have in various ways contributed to. Functionally preserving and are expanding capital for the wealthiest individuals and corporations at the detriment of our local community. For profit banks mandate generate the largest corporate profits for their Share Holders. That left many Small Businesses, entrepreneur and Affordable Housing developers without access to critical capital their need to do and scale their work. We see our timeline that took us to today. At the last meeting in may, the San FranciscoReinvestment Working Group voted unanimously to deliver you these two reports that were requested by your 2021 ordinance. The Business Case and plan for San Francisco to urgently respond with an essential tool. Public bank. A more efficient effective way for the city to fund and manage lending, loans to under served communities, under served by for profit banks in Affordable Housing, construction, Small Business lending and those green banking opportunities, which will deploy new Community Based solutions to Climate Change. Next slide, please. Following the passage of California Assembly bill 857, sponsored by our now City Attorney david chui in 2019, municipalities in california are now authorized to create public banks. Following the board of supervisors passage of the ordinance to form the San FranciscoReinvestment Working Group in july 2021, lafco convened the working group with nine members. Next slide, please. With me today are my colleagues from the Reinvestment Working Group and our consultants, hr a advisors, finly group and and findley. Ill turn it over the mic to indiscernible from hr a. Thank you chair evans. Can you all hear me properly . Yes, we can. With elcome. Thank you very much. So, before my colleagues talk more about what the public bank does and really touch upon the critical elements of lending for Affordable Housing, Small Business and Green Investment ill talk about what the public bank is, because the creation of a public bank means that this city of San Francisco would create a entity that is supposed to serve the Public Interest and serve the communities of the city, and therefore the entity itself should be structured to uphold the values of those communities and act in accordance to them. So, the Reinvestment Working Group designed the plans for both municipal finance corporation, and the public bank to be professionally run, transparent and accountable to san franciscans. Again, there is really importance of competent Management Teams with financial expertise with oversight from San Francisco residents and independent of political authority. As stewards of public funds, the Management Team and others involved in Government Entities will uphold financial industry best practice and rigorous financial management. This structure was informed by the city values, feedback from federal and state regulators, feedback from members of San Francisco communities,ic global best practices and our Team Experience in Corporate Bank and other organizational governance. I want to spend a little bit of time going through the mission and principles because i think these embody what the institutions seek to accomplish and the benefits they would deliver to the city of San Francisco. The mission of these entities is promote economy that promote equity social justice and ecological sustainability. First, being Public Ownership remaining publicly owned entities that reinvestment profits in esupport of the mission. Local control, operating for the benefit and on behalf of the communities of San Francisco with meaningful representation in community stakeholders, especially those from under invested partners and other partner institutions that operate at the local level. Community wealth building to promote Community Ownership and Community Wealth building. Public welfare and restorative finances, chair talked about the impact for profit and pred tore Financial Institutions have had and ther