Bill > S736

This bill establishes a Massachusetts Public Bank, a state-owned financial institution designed to support the economic well-being of the commonwealth, its cities, towns, residents, and businesses. The bank will be capitalized with an initial $200 million investment from the state, spread over four fiscal years, and will receive a minimum annual deposit of $1.4 billion from state funds. The bank's primary goals include promoting economic development, supporting small and medium-sized businesses in underserved communities, assisting with recovery from economic shocks, addressing financing needs of municipalities, supporting minority and women-owned enterprises, creating jobs through cooperative business models, increasing affordable housing, promoting sustainable agriculture, and financing climate change mitigation efforts. The bank will be governed by a nine-member board of directors with diverse expertise, and will have an 18-member board of advisors representing various stakeholder communities. The bank will operate with a focus on providing affordable financing to eligible recipients, including public entities, nonprofits, cooperatives, small businesses, and farms, while prioritizing economic equity, sustainability, and community development. All deposits and liabilities of the bank will be guaranteed by the full faith and credit of the commonwealth, and the bank will be subject to regular examinations and reporting requirements to ensure transparency and sound operation.

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https://malegislature.gov/Bills/194/S736