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:
· 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
WHERE: Springfield Central Library
220 State St.