Bill > H1114

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, businesses, and institutions. The bank will be capitalized with a $200 million initial investment spread over four fiscal years, with the state treasurer depositing $350 million in state funds upon the bank's initial readiness. The bank's primary goals include promoting economic development, job creation, affordable financing for small and medium-sized businesses, assistance to municipalities, support for minority and women-owned enterprises, and financing for cooperative businesses, affordable housing, sustainable agriculture, and climate change mitigation. The bank will be governed by a nine-member board of directors representing various sectors, including community development, finance, small business, and local government, and will have an 18-member advisory board representing diverse stakeholder groups. The bank will provide various forms of affordable financing, including loans, credit, technical assistance, and equity financing, with a priority on supporting underserved communities, rural businesses, equitable pay structures, and climate change initiatives. All deposits and liabilities will be guaranteed by the commonwealth's full faith and credit, and the bank will be subject to oversight by the commissioner of banks, with annual public reporting requirements to ensure transparency and accountability.

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https://malegislature.gov/Bills/194/H1114