The Metropolitan Mayors Coalition, which includes mayors and town managers from municipalities in the urban center of the greater Boston area, has reiterated their support for legislation creating a public bank in Massachusetts.
Bills include H1223 and S665, “An Act to Establish a Massachusetts Public Bank,” which is supported by Massachusetts Public Banking, and legislation filed by Sen. Adam Hinds, S.682, “An Act Establishing a Public Bank of Massachusetts.”
Writing to the House and Senate chairs of the Joint Committee on Financial Services and the Committee on Ways and Means, the mayors emphasized the capital needs of municipalities and small businesses facing impacts of an extended pandemic, which demand that Massachusetts “explore creative financing vehicles to stimulate economic growth, particularly for the residents, businesses, and communities that were hardest hit.”
They noted that businesses headed by women, people of color, and indigenous entrepreneurs have faced long-standing barriers in accessing financing. A public bank would be “an important tool to advance an equitable recovery and ensure capital and financial assistance are available to historically marginalized business owners and residents.”
American Rescue Plan Act (ARPA) funds could be used to help with public bank capitalization, effectively ensuring sustainable investment beyond ARPA’s timeline.
The Metropolitian Mayors Coalition members represent more than 1.4 Massachusetts residents. The group threw their support behind public banking prior to the November 2021 elections. New coalition members include Boston Mayor Michelle Wu, Somerville Mayor Katjana Ballantyne, and Winthrop Interim Town Manager Terence Delehanty.