AB1220,26,2321 (i) A small business enterprise doing business primarily in this state that offers
22a sustainable business plan and merits credit but is unable to procure affordable
23financing from other financial institutions in this state.
AB1220,26,2424 (j) A small- or medium-sized farm and its related industries.
AB1220,27,2
1(k) An investment vehicle created for the primary purpose of supporting
2another eligible recipient under this subsection.
AB1220,27,4 3(8) “Housing authority” means a housing authority organized under ss.
466.1201 to 66.1213.
AB1220,27,9 5(9) “Land trust” means a nonstock corporation or other nonprofit organization
6that acquires, manages, develops, or maintains land or easements to promote the
7preservation or restoration of land in this state for recreational, agricultural, scenic,
8residential, or commercial use, including for use related to climate security, water
9resource protection, or affordable housing.
AB1220,27,10 10(10) “Local governmental unit" has the meaning given in s. 16.97 (7).
AB1220,27,11 11(11) “Minority group member" has the meaning given in s. 16.287 (1) (f).
AB1220,27,12 12(12) “Municipality” means a city, village, or town.
AB1220,27,13 13(13) “Nonprofit organization" has the meaning given in s. 23.097 (1).
AB1220,27,16 14(14) “Participation loan” means a loan in which the Public Bank of Wisconsin
15shares in funding or overseeing an advance of credit under a written agreement
16between the originator of the loan and the Public Bank of Wisconsin.
AB1220,27,18 17(15) “Public Bank of Wisconsin" or “Bank” means the authority created under
18s. 239.02.
AB1220,27,19 19(16) “Public deposit” has the meaning given in s. 34.01 (3).
AB1220,27,21 20(17) “Redevelopment authority” means a redevelopment authority organized
21under s. 66.1333.
AB1220,27,23 22(18) “Rural area” means a municipality with a population density of less than
23500 persons per square mile, according to the latest federal decennial census.
AB1220,28,3
1(19) “Rural business concern” means a small business that has its principal
2business operations in one or more rural areas and that is engaged in an occupation
3that directly supports the economy of the rural area or areas in which it is located.
AB1220,28,4 4(20) “Small business” has the meaning given in s. 227.114 (1).
AB1220,28,6 5(21) “Underserved neighborhood” means a neighborhood that meets any of the
6following criteria:
AB1220,28,87 (a) The annual median household income in the neighborhood does not exceed
865 percent of the statewide annual median household income.
AB1220,28,109 (b) Minority group members comprise at least 40 percent of the population in
10the neighborhood.
AB1220,28,1211 (c) At least 25 percent of households in the neighborhood lack English language
12proficiency.
AB1220,28,1613 (d) Minority group members comprise at least 25 percent of the population of
14the neighborhood and the annual median household income of the municipality in
15which the neighborhood is located does not exceed 150 percent of the statewide
16annual median household income.
AB1220,28,18 17239.02 Creation of authority. (1) There is created an authority, which is a
18public body corporate and politic, to be known as the “Public Bank of Wisconsin."
AB1220,28,20 19(2) The Public Bank of Wisconsin shall take all action necessary to organize as
20a state bank under ch. 221.
AB1220,28,25 21239.03 Organization of authority; governing board; chief executive
22officer.
(1) All powers and duties of the Public Bank of Wisconsin shall be exercised
23or carried out by a governing board appointed under this section, except to the extent
24the board delegates the power or duty to an employee of the Bank or a committee
25established by the board.
AB1220,29,2
1(2) (a) Subject to the requirements under subs. (3) and (4), the board shall
2consist of the following members:
AB1220,29,33 1. The state treasurer or the state treasurer's designee.
AB1220,29,54 2. The state superintendent of public instruction or the state superintendent's
5designee.
AB1220,29,76 3. The president of the University of Wisconsin System or the president's
7designee.
AB1220,29,98 4. One member with professional experience and expertise in the operation of
9small business enterprises located in this state, appointed by the governor.
AB1220,29,1110 5. One member with professional experience and expertise in economic
11development, appointed by the governor.
AB1220,29,1312 6. One member with professional experience and expertise in local government
13and administration, appointed by the governor.
AB1220,29,1514 7. One member with professional experience and expertise in environmentally
15conscious financing, appointed by the governor.
AB1220,29,1816 8. One member with professional experience and expertise in the operation of
17state banks or state-chartered savings banks or savings and loan associations,
18appointed by the governor.
AB1220,29,2019 9. One member with professional experience and expertise in the operation of
20state-chartered credit unions, appointed by the governor.
AB1220,29,2221 10. One member with professional experience and expertise in public finance,
22appointed by the governor.
AB1220,29,2523 11. One member with professional experience and expertise in the operation
24of community development authorities, redevelopment authorities, housing
25authorities, or community development corporations, appointed by the governor.
AB1220,30,1
1(b) The members under par. (a) 4. to 11. shall be appointed for a term of 4 years.
AB1220,30,4 2(3) (a) An individual may not serve as a board member unless the individual
3is a resident of this state and, if appointed, was a resident of this state for at least
490 days before the appointment.
AB1220,30,65 (b) Except for a board member described in sub. (2) (a) 1. to 3., an individual
6may not serve as, or be appointed as, a board member if any of the following applies:
AB1220,30,87 1. The individual holds a federal, state, or local elected or appointed office or
8is a candidate for such an office.
AB1220,30,99 2. The individual serves as an official in a political party.
AB1220,30,1110 3. Within the immediately preceding 4-year period, the individual held an
11office described in subd. 1.
AB1220,30,1212 (c) An individual may not serve as a board member for more than 8 years.
AB1220,30,14 13(4) Each board member shall take an oath to faithfully and impartially execute
14his or her duties as a board member.
AB1220,30,16 15(5) A vacancy on the board shall be filled in the same manner as the original
16appointment to the board for the remainder of the unexpired term, if any.
AB1220,30,19 17(6) A member of the board may not be compensated for his or her services but
18shall be reimbursed for actual and necessary expenses, including travel expenses,
19incurred in the performance of his or her duties.
AB1220,30,23 20(7) The members of the board shall annually elect a chairperson and may elect
21other officers as they consider appropriate. Upon motion of at least 6 board members,
22the board shall hold a vote at a special meeting to retain or replace the board
23chairperson.
AB1220,31,3
1(8) Nine board members constitute a quorum of the board and the affirmative
2vote of a majority of board members present and voting is required for any action of
3the board, including election of the board chairperson.
AB1220,31,6 4(9) (a) The board shall meet quarterly and at any other time it considers
5necessary or upon the written request of the board chairperson or 6 board members.
6The board may hold meetings by means of remote communication.
AB1220,31,97 (b) The board shall provide notice of any board meeting to all board members,
8to the chairperson of the board of advisors, and to any other person who requests
9notice.
AB1220,31,1010 (c) The board shall adopt procedures governing its meetings.
AB1220,31,1311 (d) All board meetings shall be staffed with a Bank officer to serve as the board
12secretary. The board secretary shall keep a record of the proceedings of the board
13meeting and shall be the custodian of all meeting records.
AB1220,31,1614 (e) The chairperson of the board of advisors or the chairperson's designee, or
15both, may attend any board meetings as a nonvoting participant, except those
16meetings authorized under ch. 19 to be conducted in closed session.
AB1220,31,22 17(10) (a) The board shall appoint a chief executive officer of the Bank who may
18not be a member of the board and who shall serve at the pleasure of the board.
19Notwithstanding sub. (8), appointment of the chief executive officer requires the
20affirmative vote of at least 8 board members. At the discretion of the board
21chairperson, the board may utilize a form of ranked-choice voting to ensure that the
228-vote threshold is satisfied.
AB1220,31,2423 (b) The board may delegate to the chief executive officer any powers and duties
24the board considers proper.
AB1220,32,4
1(c) The board shall terminate the chief executive officer upon a vote of no
2confidence in the chief executive officer by at least 8 board members. If this occurs,
3the board shall immediately initiate the process of hiring a new chief executive
4officer.
AB1220,32,105 (d) If there is a vacancy, absence, or disability in the position of chief executive
6officer, as determined by the board, then notwithstanding sub. (8), the board may,
7upon the affirmative vote of 7 board members, designate an acting chief executive
8officer who has similar qualifications to those required under this subsection for the
9chief executive officer. An acting chief executive officer has all the powers and duties
10of the chief executive officer.
AB1220,32,1211 (e) 1. The chief executive officer shall be compensated as determined by the
12board and shall devote full time and attention to the duties of the office.
AB1220,32,1413 2. The chief executive officer shall have skill and experience in management
14and banking.
AB1220,32,2015 3. The chief executive officer is the executive and administrative head of the
16Bank and is responsible for the Bank's administration and the Bank's compliance
17with this chapter. The chief executive officer is responsible for all aspects of the
18Bank's management, including its physical facilities, investments, loan portfolio,
19accounting, risk management, and regulatory compliance, as well as the
20responsibilities specified in s. 239.05 (2).
AB1220,32,2321 4. The chief executive officer may employ other employees, consultants, agents,
22and advisors, including legal counsel, and shall attend meetings of the board, except
23those board meetings authorized under ch. 19 to be conducted in closed session.
AB1220,33,3
1239.035 Purpose of the Public Bank of Wisconsin. The purpose of the
2Public Bank of Wisconsin is to accept and hold deposits of public funds and utilize
3those funds in this state to further the Bank's goals to do all of the following:
AB1220,33,8 4(1) Accomplish the Bank's mission by adhering to priorities of institutional
5safety and soundness as ensured by division supervision; long-term viability; social
6return and monetary return on lending and investments; prudent and best banking
7and business practices; highest ethical, accountability, and transparency standards;
8and insulation from political influence.
AB1220,33,11 9(2) Support the expansion and development of public and private measures to
10mitigate the grave dangers that climate change poses to the public and local
11enterprises, and to promote reductions in greenhouse gas emissions.
AB1220,33,15 12(3) Promote economic development and job creation in this state, and support
13the economic well-being and health of this state, by providing affordable financing
14to eligible recipients and small- and medium-sized businesses, especially in
15underserved communities.
AB1220,33,18 16(4) Assist businesses and municipalities in recovering from the economic
17repercussions of external shocks, including pandemics, recessions, and natural
18disasters.
AB1220,33,20 19(5) Respond to the unmet affordable financing needs of local governmental
20units.
AB1220,33,22 21(6) Address the historic and current disadvantages experienced by the state's
22minority-owned and women-owned enterprises by providing affordable financing.
AB1220,33,24 23(7) Assist workers and communities in creating jobs by supporting cooperative
24business models including worker-owned cooperatives.
AB1220,33,25 25(8) Increase available affordable housing options for all residents of this state.
AB1220,34,2
1(9) Promote sustainable agriculture and address food insecurity, particularly
2by providing financing to family-owned farms and rural businesses that serve them.
AB1220,34,5 3(10) Support nonprofit and community-based organizations that work to
4address the results of racial injustice or to promote women's economic and social
5equity or both.
AB1220,34,9 6(11) Provide economic support to state agencies, local governmental units, and
7nonprofit organizations, including community development authorities,
8redevelopment authorities, housing authorities, and community development
9corporations.
AB1220,34,11 10(12) Strengthen state-chartered banks, particularly through participatory
11loan programs.
AB1220,34,13 12(13) Enable the state to share in the methods of monetary support the federal
13government provides to commercial banks.
AB1220,34,15 14(14) Assist students in need of additional low-cost student loans in financing
15the cost of higher education.
AB1220,34,18 16239.04 Powers and duties of the Bank, board. (1) (a) Except as provided
17in par. (e) and as otherwise provided in this chapter, the Public Bank of Wisconsin
18shall have all the powers of a state bank organized under ch. 221.
AB1220,34,2019 (b) 1. The Public Bank of Wisconsin may, but is not required to, become a
20member of the federal reserve system.
AB1220,34,2221 2. The Public Bank of Wisconsin may, but is not required to, become a member
22of the federal deposit insurance corporation.
AB1220,34,2423 3. The Public Bank of Wisconsin may, but is not required to, establish a master
24account with the federal reserve system to enhance the Bank's liquidity.
AB1220,35,4
1(c) The Public Bank of Wisconsin may conduct operations or engage in activities
2through subsidiaries to the same extent as other state banks organized under ch.
3221, but these subsidiaries are subject to any restriction or limitation applicable if
4the Bank directly conducted the operation or engaged in the activity.
AB1220,35,75 (d) The Public Bank of Wisconsin may accept and solicit property, including any
6gifts, donations, grants, bequests, loans, public funds, or other private contributions,
7for any of the purposes of this chapter.
AB1220,35,108 (e) The Public Bank of Wisconsin may accept public deposits and open deposit
9accounts only as provided in sub. (7) (d) and s. 34.05 (5). The Public Bank of
10Wisconsin may not pay interest on deposit accounts.
AB1220,35,1211 (f) The Public Bank of Wisconsin shall maintain complete records of all banking
12transactions.
AB1220,35,1513 (g) The board shall establish technical advisory committees and consult with
14public and private sector experts in substantive areas related to the Bank's mission,
15objectives, and duties.
AB1220,35,17 16(2) (a) The board shall have all the powers necessary or convenient to carry out
17the purposes and provisions of this chapter.
AB1220,35,2118 (b) 1. The board shall operate the Bank to ensure its soundness and
19sustainability and, subject to subd. 2., to accomplish the Bank's purposes under this
20chapter. The board shall adhere to the operating priorities identified in s. 239.035
21(1).
AB1220,35,2422 2. The board may direct the Bank's annual earnings to be added to the Bank's
23capital or distributed to the state, and the board may direct Bank deposits to be
24invested in the state investment fund under s. 25.14.
AB1220,36,3
1(c) The board shall regularly review the Bank's financial statements and other
2records to ensure that the Bank is in compliance with all applicable laws and
3regulations and with all reporting requirements under s. 239.08 (1).
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