An Act to establish a Massachusetts public bank
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill proposes to create a Massachusetts Public Bank. A public bank would be owned by the state and would operate with the goal of serving the public interest, rather than maximizing profits for private shareholders. The bank would be intended to support local economies, invest in community development, and provide financial services that might not be readily available from traditional banks. It is modeled after similar public banks in other states.
Key provisions
- Establishment of a Massachusetts Public Bank.
- The bank’s primary goal is to serve the public interest and support local economies.
- The bank would be owned by the Commonwealth of Massachusetts.
- The bank would be required to invest in community development projects.
- The bank would be subject to certain oversight and accountability measures.
- The bill directs the bank to prioritize investments in underserved communities.
- The bank is intended to provide financial services not typically offered by private banks.
Who is affected
- Massachusetts residents
- Local businesses
- Community development organizations
- Financial institutions
- The Commonwealth of Massachusetts
Notable changes
- This bill establishes a new type of financial institution in Massachusetts.
Bill text
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Sponsors
Official sponsors from legislative records.
5 on record
Primary sponsor
James B. Eldridge
Cosponsors
James B. Eldridge
Joanne M. Comerford
Arguments
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