San Fran to Set up CITY Owned Bank for Marijuana Dealers and Illegal Aliens?

Thanks to Federal law, federally insured banks and other financial institutions are not allowed to take drug money or marijuana in deposits.  San Fran leaders are looking at using city taxpayers to finance a government owned bank.  Based on the premise, the Feds will not guarantee the funds in the bank.  Also, we will see if illegal aliens have IQ’s over room temperature.  Should the bank open, and they put their money in the bank, the Feds can freeze their account, and since they have violated Federal law. The Department of Justice can use asset forfeiture to take the money from them.

“The idea isn’t new. In 2011, a report from the city’s budget and legislative analyst laid out a number of benefits of a city-owned bank, including new streams of revenue and lower borrowing costs. Today, the idea is being driven by three main factors: marijuana dispensaries and undocumented immigrants, who are both unable to fully utilize the baking system, and the number of politically controversial projects some banks have been involved in, such as the Dakota Access Pipeline.

Also, by making sure local banks have lower deposits, that also means lower tax revenues from the banks—to be made up by honest citizens.  Oh, Oakland is also looking at harming honest banks to help criminals a dopers.  This is San Fran, makes sense.

Bank-of-America-WikiLeaks

San Francisco Mulls Creation of City Bank

California City News, 04/25/2017

San Francisco could soon undertake a near unprecedented move by creating its own bank.

The only other public bank is in North Dakota. Now, some prominent Bay Area officials, including Supervisors Malia Cohen and Sandra Fewer, would like to follow suit.

The idea isn’t new. In 2011, a report from the city’s budget and legislative analyst laid out a number of benefits of a city-owned bank, including new streams of revenue and lower borrowing costs. Today, the idea is being driven by three main factors: marijuana dispensaries and undocumented immigrants, who are both unable to fully utilize the baking system, and the number of politically controversial projects some banks have been involved in, such as the Dakota Access Pipeline.

“Now is the time,” said Fewer. “Especially when we see the big banks are investing in bad actors that are not aligned with San Francisco values. This would give us control over our money.”

San Francisco isn’t the only one. The Oakland City Council’s Finance and Management Committee will also be looking into the creation of a public bank for marijuana businesses.

Lean more about if and how it would all work at the San Francisco Chronicle.

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