Waltham- Bob Baker, President of the Smaller Business Association of New England, was appointed by Governor Deval Patrick to sit on the Commission to Study the Feasibility of a Bank Owned by the Commonwealth. He will begin his service when the Commission holds their first meeting on Tuesday, May 3, 2011.
This Commission, signed into law in August 2010 by Governor Patrick as part of an Economic Development Bill, is co-chaired by David J. Contey, Commissioner of Banks and Ronald Marlow, Assistant Secretary for Access & Opportunity.
At the first meeting on May 3rd, members of the Commission will focus on organizing a meeting schedule and establishing the necessary work of the commission based on Section 180 of Chapter 240 of the Acts of 2010. They also hope to be able to begin to create a website to help disseminate information to the public.
The Commission to Study the Feasibility of a Bank Owned by the Commonwealth will base much of its information on the only state-owned bank in the nation, the Bank of North Dakota. It is possible that this would be the model Massachusetts would use as it claims not compete with local Community Banks and North Dakota fared better than many other states in the most recent recession.
This idea was introduced by Senate President Therese Murray in February of 2010. The original deadline set by the bill for the Commission to complete the study is August of 2011.
This is Baker’s second appointment by Governor Patrick. He was also appointed to Massachusetts Growth Capital Corporation Board of Directors in September 2010.