“The Metro Mayors Coalition, a group of 15 cities and towns in Greater Boston, has put its support behind proposals to create a public bank that would help small businesses and municipalities obtain financing. Somerville Mayor Joe Curtatone spoke to the Legislature’s financial services committee on Tuesday, urging lawmakers to create a public bank. The current banking system, Curtatone said, is leaving many small-business owners behind. Other supporters of the concept include state Treasurer Deborah Goldberg and the Black Economic Council of Massachusetts. The Massachusetts Bankers Association is opposing the legislation, saying that the state already has a wide variety of quasi-public agencies and public-private initiatives that can help small businesses, and lawmakers would be better served by bolstering their efforts rather than creating an entirely new entity.”

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