An Act establishing a public bank of Massachusetts to support economic development

This bill proposes creating the Bank of Massachusetts, a state-owned financial institution designed to support local economic development and address specific community needs. The bank would provide loans and other financial products to underbanked residents, small businesses, and local governments for projects like infrastructure, renewable energy, and affordable housing. It aims to lower borrowing costs for towns, offer lower-interest student loan refinancing, and invest in industries that promote environmental sustainability and social equity. The institution would be led by a CEO and COO appointed by the Governor and would operate alongside existing commercial banks to expand access to capital within the state.