Public bank plan heads to San Francisco voters

The measure would set up governance for a San Francisco municipal finance corporation as a step toward a public bank. Its mission would favor affordable housing, green energy and small business lending, while blocking loans to fossil fuel companies and weapons makers.

Supporters estimate about $325 million in startup capital is still needed. Supervisors Stephen Sherrill and Alan Wong voted no, with Wong warning that banking decisions bring financial and regulatory risks that the city has not yet shown it can manage.