Bill > S632

This bill establishes a Massachusetts public bank that is wholly owned by the commonwealth. The key provisions of the bill are: 1. The public bank is created to provide a safe depository for public funds and support the economic well-being of the commonwealth, its cities and towns, residents, businesses, and state/municipal institutions. 2. The bank is authorized to provide affordable financing to eligible recipients such as public/quasi-public entities, nonprofits, cooperatives, community development organizations, and small/medium-sized businesses and farms. 3. The bank has a governing board of directors with expertise in areas like community development, banking, economic development, and environmental finance. The board is responsible for approving the bank's business plan and overseeing operations. 4. The bank is required to prioritize supporting entities in underserved communities, addressing historic inequities, and promoting sustainable development, climate change mitigation, and equitable economic growth. 5. The commonwealth will provide an initial $200 million equity investment in the bank over 4 fiscal years, and the state treasurer will deposit a minimum of $1.4 billion in state funds at the bank.

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https://malegislature.gov/Bills/193/S632