Bill > H1223

This bill would establish the Massachusetts Public Bank, a bank wholly owned by the Commonwealth to provide safe depository services for public funds and support the economic well-being of the state, its cities and towns, residents, businesses, and institutions. The bank would assist in COVID-19 recovery, expand affordable financing, enable the state to share in Federal Reserve benefits, ensure public revenues support in-state economic activity, strengthen state-chartered banks, support community development organizations, address unmet affordable housing and small business financing needs, promote sustainable agriculture, and address economic inequities. The bank would be governed by a board of directors appointed by the state treasurer and overseen by a board of advisors. It would be capitalized with $200 million in state funds over four years and would receive deposits from the state treasurer to maintain a minimum average annual balance.

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https://malegislature.gov/Bills/192/H1223