Fwd: [Assabet-discuss] Fw: Most important week for public bank bill -- hearing on June 15

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Jun 12, 2017, 1:27:29 PM6/12/17
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Subject: [Assabet-discuss] Fw: Most important week for public bank bill -- hearing on June 15
Date: Mon, 12 Jun 2017 13:23:35 -0400 (GMT-04:00)
From: bclancy122--- via Assabet-Discuss <assabet...@greenrainbow.net>
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To: assabet-...@greenrainbow.net, assabet...@greenrainbow.net


Hi all,
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.

The link to H3543 is here: https://malegislature.gov/Bills/190/H3543 

Barbara

-----Forwarded Message-----
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

Hello Barbara,

Could you forward this to Assabet River GRP folks, please. I offer lengthy text again in case anyone didn't see notices before.

Thanks,
Joanna

                                           ********************************

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.

A 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.

Without 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.

 A column from Somerville describes the local situation--relevant to many Massachusettsf towns and cities: http://www.thesomervilletimes.com/archives/76266#more-76266










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