Legislation filed!

SD.1712/ HD.3247 “An Act to Establish a Massachusetts Public Bank” needs your support!

Public Banking for Farming, Food and the Climate

Expanding Opportunities for Local Food

Public Banking for Small Business

Fostering Main Street Stability and Local Growth

Public Banking for Municipalities

Investing Our Tax Dollars In Our Communities

What is a
Public Bank?

A Public Bank is a bank owned by the people through their representative government and operated in the public interest. Public banks can exist at all levels, from local to state to national. Public banks exist around the world. In the US, the Bank of North Dakota was established in 1919 to protect local farms from foreclosure. Today it helps the state’s businesses and farmers thrive.

Take action

We are excited to announce that SD.1712/HD.3247 “An Act to Establish A Massachusetts Public Bank” has been filed in the Massachusetts Senate by Sen. Jamie Eldridge, and in the House by Rep. Mike Connolly and Rep. Nika Elugardo.

The Massachusetts Public Bank will be a financially-sustainable institution designed to address the needs of small businesses, community development institutions, municipalities, land trusts and local agriculture. It will work cooperatively, not competitively, with Massachusetts community banks. But to pass this bill we need you!

Read about our bill here, then visit our Take Action page to learn how you can help build community and legislative support for a public bank in Massachusetts. 

Public Banking for Municipalities

The COVID-19 pandemic has left tax revenues down and municipal budgets stretched thin. Municipal leaderships is working 24/7 to establish new best practices to ensure that the community institutions that residents depend on, including schools, first responders, senior centers, libraries, and recreational facilities, are there to meet public needs. Cities and towns are sharing new ideas, programs, and procedures to meet the challenges of these times.

Public Banking for Small Business and Community Development

Nearly 1.5 million people—almost half of Massachusetts workers—are employed by small businesses. But small businesses are not just economically important. The presence of a diversity of service, manufacturing, construction, arts, and agricultural businesses creates a stronger community, with local businesses more likely to support local institutions. A thriving Main Street creates a sense of place and civic pride, and everyone benefits from access to services and jobs.

Public Banking for Community Banks

The mission of the Massachusetts Public Bank is to partner with and strengthen existing Massachusetts financial institutions, not to compete with them. Our bill mandates that the bank “shall seek to complement and support the operation of” Massachusetts banks and other existing institutions, a model based on the 100-year-old Bank of North Dakota’s approach to public banking.

woman-owned business

Public Banking for Social and Economic Justice

A central goal of the Massachusetts Public Bank is to address the inequities that have left many communities, small businesses, small farms and other enterprises without access to affordable financing. The Bank can expand affordable financing in traditionally underserved sectors of the state and help stabilize the economy in this era of COVID-19 by expanding the lending capacity of local financial institutions that serve those sectors.

woman-owned business

Public Banking for Farms, Food & the Climate

We don’t think of Massachusetts as being a farm state, but agriculture is an important part of the Commonwealth’s economy, its environment, and its culture. Massachusetts has more than 7,000 farms employing almost 30,000 people. Nearly 80% of the farms in the Commonwealth are either family or individually-owned. Massachusetts residents who shop at farmers markets or look for local produce in the supermarket appreciate the freshness and quality of what they buy, as well as the benefits to climate of eating local and in season.

Public banks can help us create the communities we want.

Parks, good roads, safe bridges, clean energy and housing we can afford. We want lower interest rates for local small business loans, local control of our tax dollars, investment in our local communities, and ethical and transparent financial institutions managing our public funds. Public banks can be the financial engine that makes this happen for our communities.

— Public Banking Institute

Public banks can help us create the communities we want.

Municipalities Pursuing Public Banks

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People Powered

States Actively Exploring Public Banking

Latest News from the Field

Public Banking is taking hold across the country!

Across the nation, more than 25 initiatives for public banks are actively being pursued, by progressives and conservatives, 30 of 50 states have proposed legislation in support of publicly-owned banks, and over 50 organizations are promoting public banks.

Our Partners and Allies Across the Country

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