Bill > S2123

This bill aims to promote public procurement and inclusive entrepreneurship through several key provisions. It requires the secretary of housing and economic development to develop a comprehensive economic development policy that includes an assessment of racial and ethnic disparities in employment and business ownership. The bill mandates that hospitals and higher education institutions with significant operating expenses submit annual reports to the Office of Supplier Diversity detailing their efforts to engage with minority-owned businesses. It also establishes new requirements for data collection on small business lending, with the Division of Banks required to analyze the impacts of lending practices on minority borrowers. Additionally, the bill introduces measures to increase racial and ethnic diversity on appointive boards and commissions, requiring annual reporting on board composition and demographic representation. The legislation creates mechanisms to support underutilized businesses in public procurement, including establishing sheltered market programs, setting participation goals for subcontractors, and creating online databases to track minority business participation. The bill also includes provisions for prompt payment to subcontractors and allows procurement officers to split contracts to make public projects more accessible to micro-businesses. These measures are designed to enhance economic opportunities for minority-owned, women-owned, and small businesses in Massachusetts by removing barriers and promoting more inclusive economic development practices.

Budget and Finance, Government Affairs

https://malegislature.gov/Bills/194/S2123