An Act to establish a Massachusetts public bank

This bill proposes creating a new Massachusetts public bank that would be entirely owned by the state to hold a portion of public funds and invest them within the commonwealth. The bank is designed to support local economic goals by providing affordable financing to small businesses, minority and women-owned enterprises, cooperatives, and family farms, while also addressing needs in affordable housing and climate change mitigation. To ensure transparency and community involvement, the bank must operate under a governance structure that includes public input and will be supervised by the commissioner of banks for safety and soundness.