Bill
H 1114
Overview: H 1114 - An Act to establish a Massachusetts public bankStatus: Hearing rescheduled to 11/18/2025 from 10:30 AM-01:00 PM in A-2 and Virtual Hearing updated to New End Tim
Overview: H 1114 - An Act to establish a Massachusetts public bank
Status: Hearing rescheduled to 11/18/2025 from 10:30 AM-01:00 PM in A-2 and Virtual Hearing updated to New End Time
Introduced: February 27, 2025
Purpose and Intent: This bill proposes the creation of a state-owned public bank in Massachusetts. The goal is to provide an alternative financial institution that can better serve the needs of local communities, small businesses, and underbanked populations.
Key Provisions:
- Establishes the Massachusetts Public Bank as a state-chartered, self-sustaining financial institution
- Capitalizes the bank with an initial $500 million appropriation from the state's general fund
- Empowers the bank to offer a range of banking services, including small business loans, mortgages, and student loans
- Requires the bank to prioritize lending and investment in underserved communities and sustainable economic development projects
Affected Parties and Impacts:
- Individuals and businesses in underserved communities will gain improved access to affordable financial services and credit
- Small businesses and startups will have an additional source of capital and support
- The state will have more direct control over the allocation of financial resources to align with policy goals
Procedural and Timeline Considerations:
- The bill is currently in the hearing stage, with a rescheduled hearing set for November 18, 2025
- If passed, the public bank would be established within 12 months and begin operations shortly thereafter
Compiled from official sources — confirm details with the bill’s official record.
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