Lieutenant Osvaldo Albarati Stopping Prison Contraband Act

119th Congress Introduced by Marsha Blackburn and 17 co-sponsors

Bill S 736 aims to create a Massachusetts public bank to boost local economies, support underserved communities, and provide affordable financing for businesses and housing.

Held at the desk.

Summary of Bill S 736: An Act to Establish a Massachusetts Public Bank

Bill Information:
- Bill Number: S 736
- Title: An Act to establish a Massachusetts public bank
- Introduced: February 27, 2025
- Status: Hearing rescheduled to November 18, 2025, from 10:30 AM to 1:00 PM in A-2 and will also be held virtually.
- Sponsors:
- Primary: James B. Eldridge
- Cosponsor: Liz Miranda

Purpose and Intent

The primary aim of Bill S 736 is to establish a Massachusetts public bank, which would be wholly owned by the Commonwealth. This bank is intended to serve as a safe depository for public funds and to promote economic well-being across Massachusetts, particularly in underserved communities. The bill seeks to create a financial institution that prioritizes community input and supports local economic development.

Key Provisions

The proposed Massachusetts public bank would have several key functions and responsibilities, including:

Depository for Public Funds: The bank will hold a portion of the Commonwealth's funds and invest them within the state to ensure self-sustainability.

Economic Development: It aims to provide affordable financing to small and medium-sized businesses, especially in underserved areas.

Disaster Recovery: The bank will assist businesses and municipalities in recovering from economic shocks such as pandemics and natural disasters.

Support for Minority and Women-Owned Enterprises: It will address historical disadvantages faced by these businesses by providing accessible financing.

Job Creation: The bank will support cooperative business models, including worker-owned cooperatives, to create jobs.

Affordable Housing: It will work to increase affordable housing options for all residents.

Sustainable Agriculture: The bank will finance family-owned farms and rural businesses to combat food insecurity.

Community Support: It will lend to non-profit organizations focused on racial justice and women's equity.

Climate Initiatives: The bank will finance projects aimed at mitigating climate change and reducing greenhouse gas emissions.

Collaboration with Local Agencies: It will provide economic support to state-based public or quasi-public agencies.

Impact

The establishment of a Massachusetts public bank is expected to have a significant impact on various stakeholders, including:
- Residents: Increased access to affordable financing and housing options.
- Businesses: Enhanced support for small and medium-sized enterprises, particularly in underserved communities.
- Local Governments: Assistance in economic recovery and development initiatives.
- Community Organizations: Greater funding opportunities for non-profits addressing social equity and environmental issues.

Procedural Aspects

The bill was introduced on February 27, 2025, and has been referred to the Committee on Financial Services.

A hearing is scheduled for November 18, 2025, to discuss the bill further.

This legislation represents a proactive approach to addressing economic disparities and fostering sustainable growth within the Commonwealth of Massachusetts.