For Immediate Release - June 10, 2011

COMMISSION STUDYING FEASIBILITY OF A STATE-OWNED BANK HOLDS PUBLIC MEETING IN SPRINGFIELD ON JUNE 15

WHAT: The Commission to Study the Feasibility of Establishing a Bank Owned by the Commonwealth holds a public hearing, focusing on these issues:

State-Owned Bank

· The technical, legal and financial feasibility of establishing a Commonwealth-owned bank

· The experiences of other states with state-owned banks, including the financial performance and lending practices

Public Deposits and Investments

· 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

· The infrastructure investment activities conducted by other states with state-owned banks.

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

While the Commission appreciates comment on all of the above, the Commission specifically requests comment on what particular market failures could be addressed by a state-owned bank.

WHO: David Cotney, Co-Chair, Commissioner of the Division of Banks

Ronald Marlow, Co-Chair, Assistant Secretary, Executive Office of Administration and Finance

ADDITIONAL COMMISSION MEMBERS

WHEN: Wednesday, June 15

3 p.m.

WHERE: Springfield Central Library

Community Room

220 State St.

Springfield


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