Charles Grigsby, a member of the H3543 working group and one of the advisory group members from the original Massachusetts public bank study, wrote this letter to the Jamaica Plain Gazette.
The Q and A in the June 8th edition of the JP Gazette with Representative Sanchez and attorney Elugardo was an excellent example of well informed positions on many of the challenges facing our great state.
With one exception.
Neither candidate spoke of the never-ending challenge of finding innovative ways of financing all the needs to be met.
As just one example, the City of Boston, with an AAA credit rating reports that it expects to pay 5 % in interest expense on it’s bond issues, or a total of $67,444,486. in FY 29 alone. Other cities and towns in Mass are facing similar challenges.
Yet there is a bill, H3543 currently in the legislature’s Joint Committee on Financial Services that would establish a state owned bank, with an initial focus on infrastructure projects, statewide and could provide financing at 2 %.
At least 10 or 12 other cities and states are exploring this issue. North Dakota already has such a bank. Could Boston make good use of an annual $20 to $30 million in savings on its bonds, say for education or housing or any of the other public needs mentioned by the candidates.
I vote yes.
Charles Grigsby (immediate past President – Mass Growth Capital Corp)