MA S682

Bill

Establishing a public bank of Massachusetts

Introduced
03/29/2021

In Committee
03/29/2021

Crossed Over

Passed

Dead
12/31/2022

Introduced Session

192nd General Court

Bill Summary

For legislation to establish a public bank of Massachusetts. Financial Services.

AI Summary

This bill establishes the Bank of Massachusetts, a state-chartered public bank, to foster economic development by providing capital access to underbanked populations, industries, small businesses, and local governments for infrastructure and business development. The bank will be governed by a Board of Directors appointed by the governor, legislature, and state treasurer, and will be led by a CEO and COO. The bank will have the authority to issue bonds, accept government deposits, and receive federal and state funding. The bank is prohibited from engaging in commercial or investment banking activities and merging with private enterprises. The state auditor and banking commissioner will oversee the bank's operations to ensure prudent management and alignment with its public benefit goals, which include increasing local lending, reducing debt costs for municipalities, and investing in sustainable industries.

Committee Categories

Business and Industry

Sponsors (1)

Adam Hinds (D)*,

Last Action

Accompanied a study order, see S2890 (on 05/31/2022)

Official Document

https://malegislature.gov/Bills/192/S682

(14 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/192/S682
Bill	https://malegislature.gov/Bills/192/S682.pdf

Bill	Bill Name	Last Action	Type
H2490	Establishing an institute within the Department of Public Health	No further action taken	Similar To
H2549	Relative to cost of living adjustments for retired public employees of the Commonwealth	Accompanied a study order, see H4960	Similar To
H2727	To study the modernization of retirement systems for future state employees	Accompanied a study order, see H4960	Similar To
H5355	Relative to restricted vital records	Read; and referred to the committee on Senate Rules	Similar To
S2205	Relative to transparency in private utility construction contracts	Accompanied a study order, see S2715	Similar To
S2436	Relative to public safety and transparency by transportation network companies	Ought NOT to pass (under Joint Rule 10) and placed in the Orders of the Day for the next session	Similar To
S2610	Further defining a quorum of a public body in the town of Monson	Signed by the Governor, Chapter 11 of the Acts of 2022	Similar To
S2890	Order relative to authorizing the joint committee on Financial Services to make an investigation and study of certain current Senate documents relative to banking	Discharged to the committee on Senate Rules	Replaced by
S3152	Supporting parents running for public office	No further action taken	Similar To
S322	Relative to substance use education in public schools	Accompanied a study order, see S2756	Similar To
S323	Relative to unfunded mandates on public schools	Accompanied a study order, see S2756	Similar To
S324	Relative to standardized tests	Accompanied a study order, see S2756	Similar To
S329	To ensure that public schools appropriately educate advanced students and gifted and talented children	Accompanied a study order, see S2756	Similar To
S665	To establish a Massachusetts public bank	Accompanied a study order, see S2890	Similar To

Bill

Bill Name

Last Action

Type

H2490

Establishing an institute within the Department of Public Health

No further action taken

Similar To

H2549

Relative to cost of living adjustments for retired public employees of the Commonwealth

Accompanied a study order, see H4960

Similar To

H2727

To study the modernization of retirement systems for future state employees

Accompanied a study order, see H4960

Similar To

H5355

Relative to restricted vital records

Read; and referred to the committee on Senate Rules

Similar To

S2205

Relative to transparency in private utility construction contracts

Accompanied a study order, see S2715

Similar To

S2436

Relative to public safety and transparency by transportation network companies

Ought NOT to pass (under Joint Rule 10) and placed in the Orders of the Day for the next session

Similar To

S2610

Further defining a quorum of a public body in the town of Monson

Signed by the Governor, Chapter 11 of the Acts of 2022

Similar To

S2890

Order relative to authorizing the joint committee on Financial Services to make an investigation and study of certain current Senate documents relative to banking

Discharged to the committee on Senate Rules

Replaced by

S3152

Supporting parents running for public office

No further action taken

Similar To

S322

Relative to substance use education in public schools

Accompanied a study order, see S2756

Similar To

S323

Relative to unfunded mandates on public schools

Accompanied a study order, see S2756

Similar To

S324

Relative to standardized tests

Accompanied a study order, see S2756

Similar To

S329

To ensure that public schools appropriately educate advanced students and gifted and talented children

Accompanied a study order, see S2756

Similar To

S665

To establish a Massachusetts public bank

Accompanied a study order, see S2890

Similar To

Bill > S682

MA S682

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (1)

Last Action

Official Document

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