This is mostly fyi, but H3543, a bill that would create a
Massachusetts state infrastructure bank, will have a hearing
before the Joint Committee on Community Development and
Small Businesses on Thursday, June 15, from 11 to 1 (there
are other bills on the hearing list as well).
H3543 grew out of a working group on public banking that
included input from Joanna Herlihy, Mel King and Merelice,
as well as the Hub Public Banking group, which was
originally focused on creating a public bank just for
Boston, or for the Boston area, and which I've been part of
on and off over the last few years. The proposed bank
focuses on infrastructure because of perceived
need--schools, parks, public water & sanitation,
bridges, roads, etc. in bad shape--and because of the ties
between infrastructure and job creation, which was a
particular focus for Mel. It leaves the door open to adding
more types of banking services (though not retail banking)
in the future, similar to the Bank of North Dakota, which
right now is the only state-level public bank in the US.
For those of you in Jamie Eldridge's senate district,
he's in favor of a public bank as a concept but hasn't
co-sponsored this particular bill, though he has cosponsored
S1958, which establishes a bond-funded source of
infrastructure funding. So have some local
representatives.Aside from Jamie, there's no Community
Development and Small Business committee members in our
area, so at this point all you can do if you're interested
in supporting this bill is to ask your rep for support--they
can't offcially co-sponsor but they can still write a letter
in support of the bill, I believe.
From: Joanna Herlihy
Sent: Jun 11, 2017 8:07 PM
To: Barbara Clancy
Subject: Most important week for public bank bill --
hearing on June 15
Could you forward this to Assabet River GRP
folks, please. I offer lengthy text again in
case anyone didn't see notices before.
The Massachusetts legislature is
considering a bill to lay the groundwork for
most efficiently investing public funds in our
own economy. Please promote this bill.
hearing has been set for H3543, An
Act establishing a Massachusetts
infrastructure bank, on June 15 from 11am
to 1pm in Room B-1 by the Joint Committee
on Community Development and Small
Businesses. Advocates have reached out to
municipal governments, community
development corporations, and
individuals.. The hearing will include
information on how this bank would operate
and why it is needed.
Please ask your state representative and
senator to send someone to the hearing to
learn more. And tell your municipal
officials, too. Find your legislators at:
www.wheredoIvoteMA.com. Find their contact
info at: www.malegislature.gov.
appropriations, H3543 would set up a
Commonwealth owned bank, capitalized with
$50 Million, a tiny fraction of MA pension
funds (less than 0.1% of PRIM's $63
Billion), which would accept deposits of
government current cash and short term funds
up to $350 Million. Such a bank could offer
a loan portfolio of $500 Million for
municipal and state projects at much lower
cost than available on the bond market. This
bank would be run by banking professionals
and advised by a board representing the
well-being of all in Massachusetts.
Attached CLEAR CASE paper summarizes the
need for and benefits of this bill.