An Act To Create a Commission To Establish a State Bank
Maine Legislature, Session 129, LD 1472
Committee: Health Coverage, Insurance and Financial Services
Sponsors: MIRAMANT, ACKLEY, BELLOWS, CHENETTE, CHIPMAN, BLUME, EVANGELOS, KESSLER, PEBWORTH, RISEMAN
Amends: 5 MRSA §12004-F, 9-B MRSA §1251

Legislative Document
No. 1472
S.P. 452
In Senate, April 2, 2019
An Act To Create a Commission To Establish a State Bank
Reference to the Committee on Health Coverage, Insurance and Financial Services 
suggested and ordered printed.
DAREK M. GRANT
Secretary of the Senate
Presented by Senator MIRAMANT of Knox.
Cosponsored by Representative ACKLEY of Monmouth and
Senators: BELLOWS of Kennebec, CHENETTE of York, CHIPMAN of Cumberland, 
Representatives: BLUME of York, EVANGELOS of Friendship, KESSLER of South Portland, 
PEBWORTH of Blue Hill, RISEMAN of Harrison.
Be it enacted by the People of the State of Maine as follows:
Sec. 1.  5 MRSA §12004-F, sub-§19 is enacted to read:
19.  
Sec. 2.  9-B MRSA c. 125 is enacted to read:
CHAPTER 125
STATE BANK AND TAX REDUCTION ACT
§1251.  Commission establishment
The State Bank and Tax Reduction Commission, as established in Title 5, section 
12004-F, subsection 19 and referred to in this chapter as "the commission," is established 
to provide a mechanism for Legislators, business persons and other interested persons to 
voice concerns and to make recommendations and suggest legislation for a legal and 
organizational framework for the establishment and oversight of a state-owned bank and 
tax rate reduction policy.  The commission shall determine a name for the institution, 
staffing requirements and start-up requirements and shall, based on revenue projections, 
establish a location for offices.
1.  Membership.  The commission consists of the following members:
A.  Twelve appointed voting members, as follows:
(1)  Three Senators representing at least 2 political parties, appointed by the 
President of the Senate;
(2)  Three members of the House of Representatives representing at least 2 
political parties, appointed by the Speaker of the House; and
(3)  Six members appointed by the Governor and representing to the extent 
possible organized interest groups, local resource-based industries and all 
geographic areas of the State as follows:
(a)  Small businesses;
(b)  Small farms;
(c)  Organizations assisting business formation;
(d)  Banks based in the State;
(e)  Credit unions based in the State; and
(f)  An organization that advocates for organic farmers;
State Bank and Tax Reduction 
Commission
Legislative Per Diem 
and Expenses for 
Legislators/Expenses 
Only for Other 
Members
9-B MRSA §1251
B.  Two voting ex officio members, or their designees, as follows:
(1)  The Treasurer of State; and
(2)  The Attorney General; and
C.  Eleven nonvoting members representing the following state agencies and 
appointed by the commissioner or executive director of each agency:
(1) The Department of Agriculture, Conservation and Forestry; 
(2)  The Department of Labor;
(3)  The Department of Economic and Community Development;
(4)  The Office of the State Auditor;
(5)  The Department of Administrative and Financial Services, Bureau of the 
Budget;
(6)  The Department of Administrative and Financial Services, Maine Revenue 
Services;
(7)  The Department of Professional and Financial Regulation, Bureau of 
Consumer Credit Protection;
(8)  The Department of Professional and Financial Regulation, Bureau of 
Financial Institutions;
(9)  The Maine Technology Institute;
(10)  The Maine State Housing Authority; and
(11)  The Finance Authority of Maine.
Each county in the State must be represented on the commission.
2.  Terms; vacancies; limits.  Members appointed under subsection 1, paragraph A, 
subparagraphs (1) and (2) and subsection 1, paragraph B serve terms coincident with 
elective office.  All other members are appointed for 3-year terms.  Vacancies must be 
filled by the same appointing authority that made the original appointment.  Appointed 
members may not serve more than 5 terms.  Members may continue to serve until 
replacements are designated.  A member may designate an alternate that serves 
temporarily in the absence of the member.
3.  Chair; officers; rules.  The first-named Senate member and the first-named 
House of Representatives member are cochairs of the commission.  The commission shall 
appoint other officers as necessary and make rules for orderly procedure.
4.  Compensation.  Legislators who are members of the commission are entitled to 
receive the legislative per diem and expenses as defined in Title 3, section 2 for their 
attendance to their duties under this chapter.  Other members are entitled to receive 
reimbursement of necessary expenses if they are not otherwise reimbursed by their 
employers or others whom they represent.
5.  Staff.  The Legislature, through the commission, shall contract for staff support 
for the commission, which, to the extent funding permits, must be year-round staff 
support.  In the event funding does not permit adequate staff support, the commission 
may request staff support from the Legislative Council, except that Legislative Council 
staff support is not authorized when the Legislature is in regular or special session.
6.  Powers and duties.  The commission shall:
A.  Meet at least twice annually as well as hear public testimony and 
recommendations from the public and qualified experts at publicly advertised 
hearings at no fewer than 16 locations throughout the State each year, once in each 
county;
B.   Maintain active communications with any entity the commission determines 
appropriate regarding ongoing developments in banking, monetary and fiscal 
policies;
C.  Maintain active communications with and submit an annual report to the 
Governor, the Legislature, the Treasurer of State, the Attorney General, 
municipalities, the State's congressional delegation, the Maine Municipal 
Association, the National Conference of State Legislatures and the National 
Association of Attorneys General or the successor organization of any of these 
groups.  The commission shall make the report easily accessible to the public by way 
of a publicly accessible site on the Internet maintained by the State.  The report must 
contain information acquired pursuant to activities under paragraph A and may 
contain information acquired pursuant to activities under paragraph B; and
D.  Recommend and submit suggested legislation to the Legislature.
7.  Accounting; outside funding.  All funds appropriated, allocated or otherwise 
provided to the commission must be deposited in one or more nonlapsing accounts 
separate from other funds of the Legislature and may be used only for commission 
purposes.  The commission may seek and accept outside funding to fulfill commission 
duties.  Prompt notice of solicitation and acceptance of funds must be sent to the 
Legislative Council.  All funds accepted must be forwarded to the Executive Director of 
the Legislative Council, along with an accounting that includes the amount received, the 
date that amount was received, from whom that amount was received, the purpose of the 
donation and any limitation on use of the funds.  The executive director shall administer 
all funds received in accordance with this chapter.  At the beginning of each fiscal year, 
and at any other time at the request of the cochairs of the commission, the executive 
director shall provide to the commission an accounting of all funds available to the 
commission, including funds available for staff support.
8.  Evaluation.  By December 31, 2030, the commission shall conduct an evaluation 
of its activities and recommend to the Legislature whether to continue, alter or cease the 
commission's activities.
SUMMARY
This bill establishes the State Bank and Tax Reduction Commission, which is 
charged with making recommendations and suggesting legislation for a legal and 
organizational framework for the establishment and oversight of a state-owned bank and 
tax rate reduction policy.