An Act to establish a Massachusetts public bank

This bill proposes establishing a Massachusetts public bank owned by the state to manage public funds and provide affordable financing. It would directly affect state/local governments, small/middle-sized businesses (especially in underserved communities), minority/women-owned enterprises, and organizations addressing housing, climate, and racial equity. Key mechanisms include depositing state funds in the bank, using those funds for self-sustaining lending, and requiring the bank to prioritize economic development, disaster recovery, affordable housing, sustainable agriculture, climate initiatives, and support for minority-owned businesses and rural areas. The bank would be supervised by the commissioner of banks and must operate under a public business plan.