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Public Bank?
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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.
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.
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.
Municipalities Pursuing Public Banks
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States Actively Exploring Public Banking
Latest News from the Field
“Corporations and Democracy” looks at Massachusetts and California public bank campaigns
by Barbara Clancy Public bank campaigns in Massachusetts and California were the focus of last week's edition of "Corporations and Democracy," a radio show airing on Mendocino County CA public radio stations KZYX-FM and hosted by Steve Scalmanini and Annie Esposito....
Westborough over Wall Street: How A State Bank Will Reinvigorate Our Local Economy
by Ben Frogel Working at Central One Federal Credit Union through the Banking Finance Internship at Westborough High School, I understand the importance of local banking. Central One understands its members’ needs in a way that a national bank cannot because it is...
Public Banking Institute hosts Bank of North Dakota president
In late January, the Public Banking Institute hosted a town hall in coordinaton with Senator James Sanders, chair of the New York Senate Banking Committee, and Rep. Victor Pichardo, chair of the Assembly Banking Committee. The guest speaker was Eric Hardmeyer,...
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
