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Advocates tell committee a Massachusetts public bank could expand financing for underserved communities
Summary
Multiple public‑bank advocates outlined a proposal for a state public bank that would hold public deposits and lend through community organizations and CDFIs to boost affordable lending in low‑ and moderate‑income areas.
Advocates for a Massachusetts public bank told the Joint Committee on Financial Services that a state-owned bank could provide substantial, lower-cost capital for projects that private lenders and existing institutions do not serve well.
Why it matters: Proponents said a public bank could deploy leverage unique to banking to amplify public capital, supporting affordable housing, small businesses, community development financial institutions (CDFIs) and municipal projects without…
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