Resolve, To Establish the Task Force on the Creation of a State of Maine Partnership Bank
Maine Legislature, Session 126, LD 1078
Committee: Insurance and Financial Services
Sponsors: JOHNSON, BEAVERS, HILL, LACHOWICZ, WOODBURY, DEVIN, EVANGELOS, KUSIAK, MASTRACCIO, MOONEN, RYKERSON, SHAW

Legislative Document 
No. 1078 
S.P. 360 
In Senate, March 19, 2013 
Resolve, To Establish the Task Force on the Creation of a State of 
Maine Partnership Bank 
(EMERGENCY) 
Reference to the Committee on Insurance and Financial Services suggested and ordered 
printed. 
DAREK M. GRANT 
Secretary of the Senate 
Presented by Senator JOHNSON of Lincoln. 
Cosponsored by Representative BEAVERS of South Berwick and 
Senators: HILL of York, LACHOWICZ of Kennebec, WOODBURY of Cumberland, 
Representatives: DEVIN of Newcastle, EVANGELOS of Friendship, KUSIAK of Fairfield, 
MacDONALD of Boothbay, MASTRACCIO of Sanford, MOONEN of Portland, RYKERSON 
of Kittery, SHAW of Standish. 
Emergency preamble. Whereas, acts and resolves of the Legislature do not 
become effective until 90 days after adjournment unless enacted as emergencies; and 
Whereas, the banking landscape in the State is heavily consolidated with the 
majority of bank deposits controlled by out-of-state banks and multinational banks that do 
minimal lending to small businesses and family farms in the State; and 
Whereas, because of the national and international financial systems, many loans 
and the interest paid on those loans migrate out of state; and 
Whereas, local borrowing from, moving debt to and obtaining new credit from local 
financial institutions will be beneficial for the state economy; and 
Whereas, it is necessary to counter the migration of loans and profits out of the 
State's communities, and to provide a strong and resilient local financial sector and, 
consistent access to credit for small businesses, family farmers and Maine communities; 
and 
Whereas, this legislation creates a task force to design the State of Maine 
Partnership Bank to partner with and strengthen the financial institutions that are 
headquartered in the State or are locally owned, or both, recognizing that a strong and 
resilient local financial system will facilitate these institutions' ability to expand and 
better meet the needs of individuals, businesses, churches, nonprofits, unions, 
organizations, cities, counties and the State, facilitating a greater amount of their money 
to return home to the State; and 
Whereas, the task force must be appointed and begin its work before the 90-day 
period expires in order that its work may be completed and a report submitted to the next 
legislative session; and  
Whereas, in the judgment of the Legislature, these facts create an emergency within 
the meaning of the Constitution of Maine and require the following legislation as 
immediately necessary for the preservation of the public peace, health and safety; now, 
therefore, be it 
Sec. 1.  Task force established.  Resolved:  That the Task Force on the Creation 
of a State of Maine Partnership Bank, referred to in this resolve as "the task force," is 
established; and be it further 
Sec. 2.  Task force membership.  Resolved:  That, notwithstanding Joint Rule 
353, the task force consists of 21 members appointed as follows: 
1.  One member of the House of Representatives, appointed by the Speaker of the 
House; 
2.  One member of the Senate, appointed by the President of the Senate; 
3.  The Chief Executive Officer of the Finance Authority of Maine, or a designee; 
4.  The Treasurer of State, or a designee; 
5.  The Superintendent of Insurance, or a designee;  
6.  A representative of a Maine-based community bank with $1 billion or more in 
assets that is recognized for its significant support of Maine businesses and service to its 
community, appointed by the President of the Senate; 
7.  Two representatives of Maine-based community banks with assets ranging from 
$500 million to $1 billion that are recognized for their significant support of Maine 
businesses and services to their communities, appointed by the President of the Senate; 
8.  Three representatives of Maine-based community banks with assets up to $500 
million that are recognized for their significant support of Maine businesses and services 
to their communities, appointed by the President of the Senate; 
9.  Three representatives of Maine-based credit unions that are recognized for their 
significant support of Maine businesses and services to their communities, appointed by 
the Speaker of the House; 
10.  A representative of a community development financial institution, appointed by 
the Speaker of the House; 
11.  A representative of a municipality with significant experience in municipal bond 
borrowing, appointed by the Speaker of the House; 
12.  Two farmers with recent loan application experience pertaining to agriculture, 
appointed by the Speaker of the House; 
13.  An owner of a local independent manufacturing business with fewer than 25 
employees with recent loan application experience, appointed by the Speaker of the 
House; 
14.  An owner of a local independent retail or service-oriented business with fewer 
than 25 employees with recent loan application experience, appointed by the Speaker of 
the House; and 
15.  An economist with expertise in the state economy, appointed by the President of 
the Senate; and be it further 
Sec. 3.  Compensation.  Resolved:  That, notwithstanding Joint Rule 353, public 
members of the task force are not entitled to reimbursement for their expenses; and be it 
further 
Sec. 4.  Chairs.  Resolved:  That the first-named Senate member is the Senate 
chair and the first-named House of Representatives member is the House chair of the task 
force; and be it further 
Sec. 5.  Appointments; convening of task force.  Resolved:  That all 
appointments must be made no later than 30 days following the effective date of this 
resolve.  The appointing authorities shall notify the Executive Director of the Legislative 
Council once all appointments have been completed.  After appointment of all members, 
the chairs shall call and convene the first meeting of the task force.  If 30 days or more 
after the effective date of this resolve a majority of but not all appointments have been 
made, the chairs may request authority and the Legislative Council may grant authority 
for the task force to meet and conduct its business; and be it further 
Sec. 6.  Duties.  Resolved:  That the task force shall develop a proposal for the 
establishment and operation of the State of Maine Partnership Bank, which must be 
specifically designed to: 
1.  Support and partner with financial institutions that are headquartered in the State 
or are locally owned, or both, in order to provide access to capital for Maine small 
businesses and family farmers; 
2.  Enable state public funds to be retained within the State; 
3.  Facilitate the investment of increased state resources in high-quality, in-state 
investments, such as loans to local businesses, family farmers and homeowners; and 
4.  Enable the State to leverage short-term deposits to facilitate more loans flowing 
through locally owned financial institutions while retaining within the State the interest 
payments paid by residents, business owners and farmers; and be it further 
Sec. 7.  Development of proposal.  Resolved:  That, in developing its proposal 
pursuant to section 6, the task force shall specifically consider and address: 
1.  The method of appointing and employing a president and staff of the State of 
Maine Partnership Bank and defining duties, designating titles and determining 
appropriate compensation; 
2.  The scope of powers to be held by the State of Maine Partnership Bank with 
respect to the acceptance of deposits, the purchase, holding and sale of loans, and what 
restrictions on the origination of loans are considered beneficial to partner with locally 
owned financial institutions; 
3.  The initial capitalization of the State of Maine Partnership Bank; 
4.  The ways profits from the State of Maine Partnership Bank could be used to fund 
the expansion of economic development tools administered by the Finance Authority of 
Maine to further improve the economy of the State; and 
5.  The establishment of oversight measures that ensure transparency and 
accountability; and be it further 
Sec. 8.  Staff assistance.  Resolved:  That the Legislative Council shall provide 
necessary staffing services to the task force; and be it further 
Sec. 9.  Report.  Resolved:  That, notwithstanding Joint Rule 353, no later than 
December 15, 2013, the task force shall submit a report that includes its findings and 
recommendations with any necessary implementing legislation to both the Joint Standing 
Committee on Labor, Commerce, Research and Economic Development and the Joint 
Standing Committee on Insurance and Financial Institutions.  After receipt and review of 
the report the Joint Standing Committee on Labor, Commerce, Research and Economic 
Development or the Joint Standing Committee on Insurance and Financial Institutions 
may submit a bill to the Second Regular Session of the 126th Legislature. 
Emergency clause.  In view of the emergency cited in the preamble, this 
legislation takes effect when approved. 
SUMMARY 
This resolve establishes the Task Force on the Creation of a State of Maine 
Partnership Bank to develop a proposal to establish the State of Maine Partnership Bank, 
which must be specifically designed to partner with financial institutions that are 
headquartered in Maine or are Maine-owned, or both, in order to provide access to capital 
for local small businesses and family farmers, to enable state public funds to be retained 
within the State and to facilitate the investment of increased state resources in 
high-quality, in-state investments, such as loans to local businesses, family farmers and 
homeowners.  The task force is directed to submit a report that includes its findings and 
recommendations with any necessary implementing legislation to the Joint Standing 
Committee on Labor, Commerce, Research and Economic Development and to the Joint 
Standing Committee on Insurance and Financial Institutions.