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.
Campaign News
“An Act to Establish a Massachusetts Public Bank” (H.975/S.632) was heard by the Joint Committee on Financial Services on Tuesday, October 24. Many public bank supporters testified on behalf of the bill, including bill sponsors Rep. Mike Connolly and Sen. Jamie Eldridge, and experts on community development, economic justice, finance, banking regulation, and small business.
The deadline for submitting written testimony in support is November 30. Testimony can be submitted directly via email to the committee at this address. We hope that you will take this opportunity to ask the committee to report favorably on the bill. Please also send a copy of your testimony to your Massachusetts representative and senator, asking for their co-sponsorship.
We thank endorsers Progressive Mass for their testimony, which you can read here.
We are proud to have built a broad coalition in support of our bill, and we are looking to expand it across the Commonwealth. If your organization is interested in finding out more about how a public bank can help build strong and just local economies, please contact us.
Learn More
A public bank can help advance economic policies that promote sustainability and economic justice, and the Massachusetts public bank bill makes this a priority.
Want to know more? Here are the basics.
Ready to get involved? You can help build a movement for a Massachusetts public bank. This fact sheet can be used to share information with legislators, municipal officials, business and economic development groups, and possible endorsing organizations.
Our longer FAQ tackles more detailed questions about risk and cost-savings, the relationship between the public bank, private lenders, and quasi-publics, the advantages of establishing a state bank as opposed to a loan fund, and how current legislation differs from previous bills.
Join us!
We welcome your help in establishing a Massachusetts public bank. You can support the campaign by…
- Having your organization endorse the public bank bill
- Hosting a representative from our group speak at a meeting
- Passing a city or town resolution in support of the public bank
- Asking your state Representative and Senator to co-sponsor the public bank bill
- Making a donation to the campaign
Contact us to learn more.
Endorsing Organizations
Join our supporters! To endorse the creation of a public bank for Massachusetts, please fill out this form.
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Mothers Out Front,
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Silverbrook Farm Dartmouth, MA |
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Endorsing Organizations
Join our supporters! To endorse S.665/H.1223 and the creation of a public bank for Massachusetts, please fill out this form.
- Black Economic Council of Massachusetts
- Boston Ujima Project
- 350.org Massachusetts
- Alternatives for Community and Environment
- The Boston Foundation
- Boston Workers Circle
- Cambridge Economic Opportunity Committee
- Community Economic Development Center of Southeast Massachusetts
- CommonWealth Kitchens
- Cooperative Fund of the Northeast
- Democracy Collaborative
- Dudley Street Neighborhood Initiative
- Environmental League of Massachusetts
- Families for Justice as Healing
- King Boston
- LEAF: Local Enterprise Assistance Fund
- Mass Peace Action
- Massachusetts Solidarity Economy Network
- Metropolitan Mayors Coalition
- Mothers Out Front, Brookline
- North American Indian Center of Boston
- Neighbor to Neighbor
- Progressive Mass
- Schumacher Center for a New Economics
- Massachusetts Sierra Club
- Silverbrook Farm, Dartmouth MA
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.
Latest News
July 18: Legislative briefing on the public bank bill
Members of the public, legislators and staff are invited to a legislative briefing on H.975/S.632, An Act to Establish a Massachusetts Public Bank, on July 18 at 1 p.m. at the State House, Room 428. You can also attend virtually. To RSVP (required for online...
Green Banks and public banking: both/and, not either/or
We at Mass Public Banking are delighted that Governor Healey announced last week the formation of a "Green Bank” initiative to fund climate-friendly affordable housing. So how does this Green Bank differ from the proposed Massachusetts public bank? The Green Bank,...
Six-part series explores power of public banking in LA
The Public Bank LA coalition has done amazing organizing work not only in terms of building together a people's movement for a municipal bank but in bringing in experts to scope out need and to propose ways of establishing a sustainable, transparent, accountable...
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