mentioned today. local prisons and social responsibility are things for us to think about and consider in terms of our banking relationship we have trade where the city is putting its money. the residents that kim appear are indicative of the local presence at -- wells fargo has and in addition, wells fargo has also irresponsibly handled the properties they have acquired through foreclosures " -- whereby they have become landlords, not following to the protections and in the city and county where there is almost 70% of the population is renters, it is incredibly important that when we talk about local presence of a financial institution we're talking about a financial institution that will ensure and follow the laws that are designed to protect residents that are here. the other point i want to speak to around social responsibility, thinking about the fact that san francisco is a signatory city. wells fargo invested almost $100 million in cca and -- combined.

those two groups are responsible for stopping immigration reform that is needed. we would like to ask in coalition with the other groups that are here today, pushing for this municipal bank that the board of supervisors not only make sure our money is one of a% safe but our communities are 100% safe and we're investing in institutions that will protect the rights we have to stay in the city. thank you. >> supervisors, i am with the california reinvestment coalition. one thing that is clear to provide some context is the public is frustrated and angry with financial institutions as a result of the kind of non- responsiveness we have heard others testified to today. as you know, these kind of efforts to do something about it are happening throughout the

state. i want to commend supervisor avalos and treasurer cisneros for working to bring and neck -- a mechanism to bring some accountability at the local level. one added benefit of this approach is that by having financial institutions answer questions that are important to all of us, it will provide a level of transparency that will enable consumers and residents and other institutions, churches, to make their own decisions about who they want to bake with. that is important. two big challenges i wanted to_ which have been raised in particular by supervisor avalos. how are these factors going to be waited around social responsibility to ensure this effort is meaningful? the treasurer noted you may have a number of institutions that provide similar services so you can favor those that respond more favorably. in -- implicit in what you're

doing here is the idea that banks impact the financial health of the city beyond how much they charge to provide services or what interest rates they provide that the effect is in terms of how much their lending in our communities, whether or not they are foreclosing, are they paying their taxes? just the last challenge to highlight is is there a way as the supervisor is thinking through to build off the strong goals of this rfp to tie city business more broadly, a public entity business more broadly beyond the banking services rfp to have much bigger bang for the black. thank you for your efforts. supervisor kim: thank you. >> ♪ wouldn't you need some bank to love ♪ ♪ you better find some bank to

love ♪ ♪ this city, the city is full of cash ♪ ♪ but some don't know where it 's itat ♪ ♪ wouldn't you love some bank to love ♪ ♪ you better find some bank to love ♪ ♪ gov ♪ speak a little louder and should -- shout ♪ ♪ i want to trust and trust in you ♪ ♪ oh, banking, i want to trust in you ♪

♪ i only want to trust in you ♪ thanks. supervisor kim: thank you. next speaker, please. >> hi everyone. i am has is -- jesus juarez. like everybody said the city money is supposed to be in save branches are institutions. i have problems with the place i am living. i am happy to the right there. -- live right there. my payment is almost 3000. i do not know why they can do anything. i do not want to get it for 148 but something reasonable to make

payments. thank you. supervisor kim: thank you. >> good afternoon. i am with a green mining and -- green mining institute. it is a research policy and advocacy iagency. we work with -- to make sure that financial industry is a dialogue with community and take their best interests into account when making decisions. we commend supervise -- supervisor avalos for making sure that when thinking about the business of the city, we're thinking about the fact that a business relationship is more than money. it is also how transpires and affects communities. one of the things we're looking forward to similar to what kevin mentioned, we do think this rfp

should be replicated and extended to major companies doing business with san francisco. essentially again, not to repeat previous comments. the presence of financial institutions to create great value and opportunity if done responsibly. we're looking forward to see how this transpires and affect communities within san francisco. we have been part of the process with community reinvestment coalition, acce and other partners to create this framework for assessing financial institutions. i look forward to developments moving forward. thank you for having us. and for doing this great work. supervisor kim: thank you. prentixx i am in district 11. i recently opened a credit union account and i was asked where i had heard of the credit union. i explained supervisor avalos

had attended an acce demonstration and encouraged everyone to open a credit union account. the advisers said several new clients had mentioned supervisor avalos. i wanted to thank supervisor avalos for the suggestion and tell you it is working. since participating i have heard many stories about foreclosures with homes sold by the bank a day after promising to work with the borrower on a modification. i have heard no stories from banks about how they have adjusted the mortgage and worked with the borrower. we need to work on correcting this imbalance. based on a sensitivity toward presidents who have suffered financial loss i feel it is more important to evaluate banks on the merits of their performance instead of their promises. i support reviewing many financial institutions based on their record, especially noting predatory lending practices and

other abuses before permitting them to function as a bank for the city. there should be a code of ethics -- ethics that institution must adhere to once they're selected. thank you. supervisor campos: thank you. -- supervisor kim: thank you. >> and want to speak in support of the idea of a municipal bank. it builds on a long tradition of benevolent societies and mutual aid societies where working people in ethnic communities pooled their resources to help each other out in a tough time whether unemployment, the birth of a baby, funeral costs and to think about bringing the resources of the city to bear in that kind of project. i had a question listening to the testimony. it seems the treasure was saying we would ask these questions about factors of social responsibility.

it would not be required if they answer them or if they did them, they would be extra credit -- there would be extra credit. i suggest it is part of what is required in this process as it moves forward. thank you. supervisor kim: thank you. >> good afternoon, supervisors. i am with the green party and the local grassroots organization and our city. standing in strong support of a municipal bank and localized socially responsible banking. especially in municipal bank. we need to remember that during the big financial crisis, canada weather that storm much better than other countries. that is the power of the government bank. i want to talk about a specific thing, an example of how this could help us. right now under the redevelopment agency's, we're

working toward a transition toward our handling of redevelopment processes. we use this weird wasteful mechanism called tax increment finances which means you are borrowing from your children's future from taking tax money that would have gone to the general fund and giving it to developers to encourage them basically to puff up their real estate development project better than they should be and more market rates than they should be and puff of that financing. if you have never seen the movie the corporation and you have learned about the idea of externalizing, that is an example of externalizing the costs of the corporation does not have to pay for if we had a municipal bank that was doing direct financing, we could avoid some of that tax increment financing and even if we felt we had to do some of the tax increment financing of the municipal bank would get some financial benefit from that instead of big private wall street banks.

i would also second what others said about this idea of giving extra credit for answering the questions in a positive way. it sounds like good faith efforts. we need to aim toward requirements on these things so that we know we're getting a bank that will do what is right for our community. thank you. supervisor kim: are there other members of the public who have not spoken on these items would like to speak? seeing none, public comment is closed. supervisor? -- supervisor avalos? supervisor avalos: thank you for all who commented. i agree. i think that it will be wonderful if we could make the requirement to provide information, we could make in the rfp to require information if it is just an extra credit, i

do not believe we will get the bank for the buck that we can get and i would agree with the last speaker. i was thinking the same thing. it sounds like good faith efforts and that is not quite have been able to achieve the goal of -- they saw to achieve. i would like to encourage the treasurer to consider that. it has been almost 10 years since we had our last rfp for our transactions for our city. i think it makes a lot of sense that we could use our other power of our purse strings to be able to leverage greater compliance, at least to get the answers on these questions. i believe that -- we have crafted these questions in a way that financial institutions should be able to pull off this money in a fairly easy way. it is not like we're asking things that will be esoteric or difficult to find. and so to be able to comply with

that, if the banks want to do business with the city and county of san francisco, it makes sense they pony up this information. also, we have heard from several folks today, a small fraction of many people who are affected by the foreclosure crisis which does exist in certain neighborhoods. specifically in the southeast sector and the southern sector. wells fargo is one of the banks that have been responsible for that. i think we should be able to craft an rfp that can address their need to provide information about how -- what they are doing to support local residents or not. how -- with the record is in terms of helping households deal with the foreclosure crisis. i would like to encourage the treasurer to do that. i really support his efforts in

some many ways that he has looked at our economic system and how we can help local households to be stronger with their financial stake and -- in their future. looking at good investment practices, but i think there is one area that he can make it big difference as well. i would love to encourage the treasure to follow up with that and we can talk further as we continue before the end of the week. supervisor kim: thank you. supervisor kim? -- supervisor chu:. supervisor kim? supervisor kim: it was an issue i was interested in and it is great to find -- getting hearing on the research that has been done thus far from our budget and our treasurer's office and many members of our community. i want to appreciate everyone who came out to speak.

the support for this is much wider and broader. we have state laws that we need to do with that prevent us from starting our own banking as many folks had hoped we would. i want to concur with the supervisor and members of the public. i was hoping we could figure out a way to make these questions mandated as part of the rfp process. i am sure many of the banks that go through the process will want us to fill out this questionnaire in hopes of enhancing their ability to gain business with the city of san francisco. i do think it is important we learn about the activity of our banks. thank you. supervisor avalos: i do want to thank the community partners and my staff who are working on this project.

seiu, the california of the investment institution, and many others. thank you for your work, some of you were here today. i want to thank erica and my office. she will soon be leaving for a bit. i want to thank her and others on my staff. i would like to moshin this move -- motion this move forward without recommendation. i could reissue a new hearing request. my motion would be to file item #3 and to approve item number four with recommendation. supervisor chu: we have a motion to file item #3 and to send forward item number four with

recommendation and that motion has been seconded. i want to thank the treasure for all his work and for staying through the hearing enter the public comment on this item. it is an important issue and it is a big question for us how we handle it. i do want to emphasize for my point of view, it is important for the city to make sure we are investing with and we're working with a sound financial partners and people can make sure all transactions are safe, secure, accounted for. that is what our taxpayers demand of us. that is what our residents demand. as you are looking forward with any new efforts or any options, i hope that will always be paramount in your mind. that is absolutely what we have to make sure we're watching out for. and so we have got that motion and we can do that without objection. [gavel] do we have any other items before us? we are adjourned.

new

>> this is one of the museum's longest art interest groups. it was founded by art lovers who wanted the museum to reflect new directions in contemporary art. it has been focused on artists in this region with an eye toward emerging artists. ♪ it is often at the early stage of their career, often the first major presentation of their work

in a museum. it is very competitive. only a few artists per year receive the award. it is to showcase their work to have a gallery and publication dedicated to their work. ♪ i have been working with them on the last two years on the award and the exhibitions. the book looks at the full scope of the awards they have sponsored. ♪ it has been important to understand the different shifts within the award program and how that is nearing what else is going on in the bay area. -- how that is mirror beiing wht

else is going on in the bay area. ♪ there are artists from different generations sometimes approaching the same theme or subject matter in different ways. they're artists looking at the history of landscape and later artists that are unsettling the history and looking at the history of conquests of nature. ♪ artists speak of what it means to have their work scene. often you are in the studio and do not have a sense of who is really seeing your work. seeing your own work at the institution have gone to for many years and has an international audience is getting the word out to a much larger community. ♪

good morning, everybody. i am the director of the mayor's office of housing. i want to welcome everybody to

what will be a spectacular affordable housing development, yet another spectacular affordable housing development in san francisco. on this occasion, i have the pleasure of introducing a variety of people who will talk to you about this particular project and to acknowledge the wonderful people who are contributing to the creation of this housing for formerly homeless veterans. in san francisco, we have tried very hard to provide housing for all those who need housing and provide it not just with bricks and mortar but with wraparound supportive services. this is another example of that. we have on this special occasion a special guest, a person who has been a great supporter of affordable housing, the

assistant secretary. before we have heard speak, i would like to ask the mayor for a few remarks at this time. thank you. [applause] >> good morning. we have a very dedicated team. this is a very special occasion. we get to welcome in our secretary of hud who has been a wonderful partner along with the local hud office. they have been great partners with the city of san francisco. decades. this is a very special project to us. it focuses on our veterans and what we're doing to help our veterans. that has been one of the most important goals and reflections of the values of the city. we want to emphasize every opportunity we can where we say that our veterans deserve all of the help when they come back and

are adjusting in life. i know of no greater partnership and with our high offices -- down with our hud offices -- i know of no greater partnership them with our head of block -- hud offices. we had a chance to meet with president obama at the conference of mayors. he had our cabinet members meet with us. we let him know that mayors across the country are struggling with how we deliver services and deliver on the promises made by this country to take care of our struggling families, low income families. he has delivered with the kind of programs that hud has any kind of programs we have with our local talent. i want to thank reverend fong

and others. we have a new director of the mayor's office of housing opportunities, partnership, an engagement. that is bevan dufty. the veterans, the contractors, nicole from our local offices. we have assembled contractors and a marvelous design team. their expertise is to use old buildings that look worn and unusable and recreate them with the highest level of environmental quality we could possibly have. i know the best talent is here working with cahill and our veterans and veterans' offices to make sure that this housing opportunity comes in on time and opportunity comes in on time and does its best to reflect o