Prop B puts an unfunded bank into the City Charter with zero funding plan. $460M in taxpayer risk. City Hall is cutting 550 jobs and closing a $640M deficit.
San Francisco, CA
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San Francisco should not open a bank it cannot explain and cannot pay for.
That is what Supervisor Alan Wong told voters this morning.
Proposition B puts the city in the banking business while the budget is already underwater. Banking is a business of managing risk. When a private bank guesses wrong, shareholders eat the loss. When a public bank guesses wrong, taxpayers do.
Wong asked the only questions that matter. Where does the capital come from? What happens if the loans fail? Why create a new city institution when community lenders and credit unions already exist?
The measure does not answer those questions. It writes the bank into the Charter first and leaves the bill for later.
Do not hand City Hall a new financial power it has not funded and has not earned.
Vote No on Proposition B. – at San Francisco, CA
SF - NO on B (NoPropB.com) retweeted
Should San Francisco City Hall open a bank? – at San Francisco, CA
7%Yes
93%No
27 votes • Final resultsShould San Francisco City Hall open a bank? – at San Francisco, CA
7%Yes
93%No
27 votes • Final resultsLearn more about San Francisco Prop B.
NoPropB.com/faq – at San Francisco, CA
SF - NO on B (NoPropB.com) retweeted
Why did I vote against a San Francisco public bank? Because of stuff like this.
SF - NO on B (NoPropB.com) retweeted
Jackie Fielder wants San Francisco City Hall to open a bank so it can make risky loans to NGOs.
Proposition B is her project. She co-founded the SF Public Bank Coalition in 2017. She co-sponsored the measure. DSA SF calls her their “socialist in office” and is running the Yes on B campaign. The Controller’s office says this thing could cost up to $460 million in 8 years alone. The measure itself provides 0 funding. Political appointees would pick the loans. When these loans fail, taxpayers will cover the loss. Mayor Daniel Lurie is against it.
This is what she is selling while her district cannot keep a used needle out of a first grader’s hand at Marshall Elementary. While 16th and Mission stays an open drug market. While the Mission leads the city in street-garbage reports. She was gone 105 days on paid leave, the longest leave of any supervisor in San Francisco history. She came back and shilled this grift.
Vote NO on Prop B by November 3. – at San Francisco, CA
“You Can’t Trust City Hall to Run a Bank” via @TheNewPrag
thenewpragmatic.com/p/public… – at San Francisco, CA
SF - NO on B (NoPropB.com) retweeted
San Francisco and Los Angeles are all asking for their own public bank. SF & LA are infamous for their government corruption. Why are we trusting our city governments with managing a major financial institution?
SF - NO on B (NoPropB.com) retweeted
Prop B on the ballot in San Francisco is similar. It’s like they are having a terrible idea competition.
SF - NO on B (NoPropB.com) retweeted
San Francisco is ahead on this so-called Public Bank issue, and we have Prop B on the ballot to kickstart the process. That’s why responsible citizens are voting No, HECK NO on Prop B.
NEW: LA City Council approved $460,000 for a study exploring whether the city should establish its own publicly owned bank.
Councilwoman @cd14losangeles argues a city-run bank could lower borrowing costs and help finance affordable housing.
San Francisco Proposition B writes an unfunded bank into the City Charter. It does not fund the bank. The Controller puts the cost at $310 million to $460 million over eight years. None of that money is on the ballot. Political appointees would pick the loans. If those loans fail, taxpayers cover the loss. There is no checking account for residents. Vote NO by November 3. – at San Francisco, CA
Learn more at NoPropB.com. – at San Francisco, CA
Garry Tan, President and CEO of Y Combinator, is urging San Francisco voters to reject Proposition B, the unfunded public bank experiment.
Prop B writes a city-run bank into the City Charter with no funding plan. The Controller puts the cost at $310 million to $460 million just over eight years alone. Political appointees would pick the loans. If those loans fail, taxpayers cover the loss. There are no checking or saving accounts for residents.
Join Mayor Daniel Lurie, Supervisors Alan Wong and Stephen Sherrill, and vote NO on Prop B by November 3. – at San Francisco, CA
Learn more at NoPropB.com. – at San Francisco, CA
“S.F. Should Not Get in Banking Business”
richmondsunsetnews.com/2026/… – at San Francisco, CA
“Prop B creates a city-owned lender with no money to run it. If it ever gets funded, San Francisco taxpayers would be on the hook for loans private banks won’t make.” via @GarrysList
garryslist.org/posts/doing-t… – at San Francisco, CA
Mike Solana and Nicole Wizman from Pirate Wires recommend No on Prop B. They say San Francisco does not need a public bank, and that one would mainly finance the politically connected.
piratewires.com/p/a-san-fran… – at San Francisco, CA
SF - NO on B (NoPropB.com) retweeted
If you wonder what an SF Public Bank will do for the city…
For you? Absolutely nothing.
For Jackie Fielder’s nonprofit grifter cronies? Absolutely everything.
SF - NO on B (NoPropB.com) retweeted
Vote No on Proposition B.
Why?
- There may be significant unforeseen costs to the City in the event the Public Bank is not financially sustainable.
- The proposal gives independence to the Oversight Commissions and the Board of Directors (newly established if Prop B passes), such that the City would have limited control over the MFC or Public Bank
Vote No on Proposition B.
Vote NO on Proposition B.
Why?
- The MFC is a non-depository, City-capitalized lender that cannot do what the measure promises
- The cost is large (min. $310-$460 million), front-loaded, and largely non-recoverable
- The governance and transparency structure is weaker than the YES side claims
- The list goes on
HARD NO on Proposition B
Cc: @SFNoPropB
A man in Ontario just told San Francisco to open a bank. He will not fund it. He will not run it. He will not be here when the loans fail.
Thomas Marois is a public-banking professor at McMaster University. His Chronicle piece says Proposition B is the key to affordable housing and holds up the Bank of North Dakota, which sent $353 million back to that state. North Dakota capitalized its bank in 1919 and kept the lending narrow. Prop B capitalizes nothing. It writes the structure into the Charter and leaves the bill for later. The Controller puts that bill at $310 million to $460 million.
He calls the appointed board a safeguard. Politicians appoint the board. The board picks the loans. The loss stays with San Francisco taxpayers. Hamilton, Ontario does not get a share.
The Chronicle editorial board already recommended No. This is a guest column from a man whose job is promoting public banks. San Francisco does not have a shortage of theories. It has a shortage of money.
Vote No on Proposition B. – at San Francisco, CA
A public bank could be key to fixing San Francisco’s affordable housing crisis sfchronicle.com/opinion/open… via @sfchronicle
Learn more at NoPropB.com. – at San Francisco, CA