MA H935

Bill

Establishing the Massachusetts infrastructure bank

Introduced
01/22/2019

In Committee
01/22/2019

Crossed Over

Passed

Dead
12/31/2020

Introduced Session

191st General Court

Bill Summary

For legislation to establish the Massachusetts infrastructure bank. Financial Services.

AI Summary

This bill establishes the Massachusetts Infrastructure Bank, a financial institution wholly owned by the Commonwealth of Massachusetts. The bank will be able to accept deposits from public and quasi-public entities, make loans, and issue bonds to increase infrastructure financing options for cities, towns, and state agencies. The bank will be governed by a 9-member board of directors and will receive advisory input from an 11-member board of advisors. The bank will focus on financing capital projects that serve the general public, such as schools, public services, water facilities, and transportation infrastructure. The bank will not compete with private banks or offer retail or commercial products to the general public. The Commonwealth will provide an initial investment of $50 million as equity and deposit an additional $350 million in current cash or cash equivalents to capitalize the bank.

Committee Categories

Business and Industry

Sponsors (15)

Mike Connolly (D), Julian Cyr (D), Sean Garballey (D), Carlos González (D), Stephen Hay (D), Chris Hendricks (D), Russell Holmes (D), Mary Keefe (D), Jack Lewis (D), Jason Lewis (D), Jay Livingstone (D), Denise Provost (D), Dave Rogers (D), Lindsay Sabadosa (D), Tom Stanley (D),

Last Action

Accompanied a study order, see H5160 (on 12/01/2020)

Official Document

https://malegislature.gov/Bills/191/H935

(10 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/191/H935
Bill	https://malegislature.gov/Bills/191/H935.pdf

Bill	Bill Name	Last Action	Type
H1049	Relative to banks and banking	New draft substituted, see H4176	Similar To
H3307	To require banks, lending institutions, mortgage companies or sub lenders to file with the registry of deeds in each county within thirty days of mortgage sales and/or foreclosures of property	Accompanied a study order, see H5081	Similar To
H3687	Financing the general governmental infrastructure of the Commonwealth	Accompanied a new draft, see H4039	Similar To
H4154	Financing the general governmental infrastructure of the Commonwealth	Rejected	Similar To
H4176	Relative to banks and banking	Signed by the Governor, Chapter 21 of the Acts of 2020	Similar To
H5160	Study Order - payments and insurance	Discharged to the committee on House Rules	Replaced by
H731	Relative to community preservation funds for coastal infrastructure	Bill reported favorably by committee and referred to the committee on House Steering, Policy and Scheduling	Similar To
H927	Making substantive changes to the revised banking laws	Accompanied a study order, see H5160	Similar To
H993	Relative to community reinvestment goals for banks	Accompanied a study order, see H5160	Similar To
H998	Establishing a student loan bill of rights	Accompanied a new draft, see H3977	Similar To

Bill > H935

MA H935

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (15)

Last Action

Official Document

bill text

bill summary

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