In the 2019-20 legislative session, we filed legislation to create a public infrastructure bank, an institution that could leverage its deposits to create a source of lower-cost financing for cities and towns. Our bill defined infrastructure broadly, to allow municipalities to use the bank to meet diverse needs, from roads to protection of open space to downtown revitalization to senior centers. You can read that bill here.
Now for the 2021-22 session, we envision a bill that helps Massachusetts recover from Covid-19 economic upheaval, offering a lifeline to mayors and town managers, small businesses, Community Development Corporations and Community Development Financial Institutions. We are working for a public, not-for-profit bank, owned by the people of Massachusetts and professionally run. With a diverse Board of Directors and Advisory Board, the bank will be responsive to the needs of communities across the Commonwealth, and provide a low-risk alternative to Wall Street as a place to deposit and invest state money.
We are currently drafting this legislation and will be posting the text of the bill once it has been filed. When we do, we’ll also be posting ways that you can help advance this campaign as a constituent, town or city resident, and activist.
In the meantime, please explore the site and learn more about public banking, how a public bank can help meet state needs, and our local and national allies.
We are currently drafting our public bank bill for the upcoming
2021-2022 legislative session. We’ll post the text once the bill has
been filed. When we do, we’ll also let you know how you can help
make sure it passes.