AB 1220

This bill creates an authority known as the Public Bank of Wisconsin (the

Public Bank). The Public Bank is a public body corporate and politic, but is not a

state agency and the state is not liable for its acts or obligations. The Public Bank

must organize as a state-chartered bank supervised by the Division of Banking in

the Department of Financial Institutions and generally accepts deposits only of

public moneys from the state (as described below).

The Public Bank's purpose is to accept and hold deposits of public funds and

utilize those funds in this state to further the Public Bank's goals to do all of the

following:

1. Accomplish the Public Bank's mission by adhering to the following priorities:

institutional safety and soundness; long-term viability; social return and monetary

return on lending and investments; prudent and best banking and business

practices; highest ethical, accountability, and transparency standards; and

insulation from political influence.

2. Support the expansion and development of public and private measures to

mitigate the grave dangers that climate change poses to the public and local

enterprises, and to promote reductions in greenhouse gas emissions.

3. Promote economic development and job creation in this state, and support

the economic well-being and health of this state, by providing affordable financing

to eligible recipients (as discussed below) and small- and medium-sized businesses,

especially in underserved communities.

4. Assist businesses and municipalities in recovering from the economic

repercussions of external shocks, including pandemics, recessions, and natural

disasters.

5. Respond to the unmet affordable financing needs of local governmental

units.

6. Address the historic and current disadvantages experienced by the state's

minority-owned and women-owned enterprises by providing affordable financing.

7. Assist workers and communities in creating jobs by supporting cooperative

business models including worker-owned cooperatives.

8. Increase available affordable housing options for state residents.

9. Promote sustainable agriculture and address food insecurity, particularly by

providing financing to family-owned farms and rural businesses that serve them.

10. Support nonprofit and community-based organizations that work to

address the results of racial injustice or to promote women's economic and social

equity.

11. Provide economic support to state agencies, local governmental units, and

nonprofit organizations, including community development authorities,

redevelopment authorities, housing authorities, and community development

corporations.