SECTION 180 of Chapter 240 of the Acts of 2010 authorizes a Commission to study the feasibility of establishing a bank owned by the Commonwealth or by a public authority constituted by the Commonwealth. The mission of the Commission is to complete the study in accordance with SECTION 180 and to submit a report with its findings and recommendations.

The Commission is responsible for conducting a study which includes the following:

State-Owned Bank

Examine the technical, legal and financial feasibility of establishing a Commonwealth-owned bank, including but not limited to a Commonwealth-owned bank for infrastructure investment purposes.

Seek participation in its deliberations from the President of the Federal Reserve Bank of Boston or the President's designee.

Evaluate the experiences of other states with state-owned banks, identifying the financial performance of such banks and evaluating the lending practices of such banks to show whether such banks successfully fill lending gaps not filled by the private sector.

Public Deposits and Investments

Evaluate the manner in which public funds are invested or deposited by the Commonwealth and its political subdivisions including funds managed by the state Treasurer, the Massachusetts Municipal Depository Trust, and state and local pension funds.

Lending and Infrastructure Investment

Examine the infrastructure investment activities conducted by other states with state-owned banks.

Examine the lending practices, including lending to support infrastructure, of the existing public agencies in the Commonwealth that perform lending services.

For additional information, the statute is available at: SECTION 180 of Chapter 240 of the Acts of 2010 .

Resources

Project Charter doc format of    Website Project Charter.doc

The Bank of North Dakota: A Model for Massachusetts and Other States?

Meetings & Hearings

All meetings and public hearings will be posted on the Executive Office of Housing and Economic Development's website. The Commission will be holding three regional public hearings in June and July.

Members

The members of the Commission, including the appointed seat positions, are:

Co-Chairs

David Cotney, Designee of the Secretary of Housing and Economic Development

Ronald Marlow, Designee of the Secretary of Administration and Finance

Members

Peter Anderson , Senate Minority Leader Appointee

Bob Baker, Small Business Association of New England

Martin Benison, State Comptroller

Ben Branch, Professor at Higher Education Institution

Michael Costello, Speaker Seat 2 (Member of House)

Nancy Howard, Executive Director of the Massachusetts Development Finance Agency

Bob Gallery, Massachusetts Bankers Association Seat 1

Richard Gavegnano, Speaker Seat 1

Thomas Gleason, Executive Director of the Massachusetts Housing Finance Agency

Al Gordon, Assistant Treasurer, Designee of the Office of the State Treasurer

Chuck Grigsby, Massachusetts Growth Capital Corporation President

John Meehl, Senate President Seat 1

Joseph O'Leary, Jr., Associated Industries of Massachusetts representative

Barry Sloane, Massachusetts Bankers Association Seat 2

Senator Karen Spilka, Senate President Seat 2 (Member of Senate)

Julieann Thurlow, Minority Leader of the House Appointee

Joe Kriesberg, Governor Seat 1

Doreen Treacy, Governor Seat 2

Michael Tucker, Massachusetts Bankers Association Seat 3 (Community Bank Representative)

Report

The Commission recently submitted a report with its findings and recommendation, which is available online here pdf format of    Report of the Commission to Study the Feasibility  file size 5MB .

Contact

For more information, contact Ron Marlow at (617) 727-2040 extension 35418 or David Cotney at (617) 956-1510.