An Act to establish a Massachusetts public bank
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill proposes to create a Massachusetts Public Bank. A public bank would be owned by the Commonwealth 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. The bill is currently under consideration by the Massachusetts legislature.
Key provisions
- Establishment of a Massachusetts Public Bank.
- The bank’s primary purpose is to serve the public interest.
- The bank would invest in local economies and community development.
- The bank would be owned by the Commonwealth of Massachusetts.
- The bank would operate independently from private shareholders.
- The bill directs the legislature to study the feasibility of establishing the bank.
- The bank would be subject to oversight by a designated board.
Who is affected
- Massachusetts residents
- Local businesses
- Financial institutions
- The Commonwealth of Massachusetts
- Community development organizations
Notable changes
- This bill represents a significant shift in how Massachusetts manages its financial resources.
- It differs from traditional banks by prioritizing public benefit over profit.
Bill text
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Sponsors
Official sponsors from legislative records.
6 on record
Primary sponsor
Cosponsors
Antonio F. D. Cabral
Danillo A. Sena
Arguments
Reasons offered for and against this legislation.
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