MA H1114

Creates a state-owned Massachusetts Public Bank with $200 million in initial capital appropriated over four fiscal years (FY2026-2029 at $50 million each) and a minimum $1.4 billion deposit balance from state funds

Governed by a 9-member board of directors (including the state treasurer) appointed by the governor and treasurer, with an 18-member advisory board representing stakeholders from CDFIs, small businesses, labor organizations, and environmental groups

Provides affordable financing to eligible recipients including municipalities, nonprofits, community development organizations, worker cooperatives, affordable housing developers, small farms, and small businesses unable to obtain credit elsewhere

Prioritizes lending to underserved neighborhoods, minority and women-owned enterprises, rural businesses, climate change mitigation projects, and entities paying livable wages

All deposits and liabilities guaranteed by the full faith and credit of the commonwealth, with annual examinations by the Commissioner of Banks and public reporting requirements on lending activities