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2. The individual serves as an official in a political party.
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3. Within the immediately preceding 4-year period, the individual held an
11office described in subd. 1.
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(c) An individual may not serve as a board member for more than 8 years.
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13(4) Each board member shall take an oath to faithfully and impartially execute
14his or her duties as a board member.
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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.
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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.
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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.
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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.
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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.
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(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.
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(c) The board shall adopt procedures governing its meetings.
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(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.
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(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.
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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.
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(b) The board may delegate to the chief executive officer any powers and duties
24the board considers proper.
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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.
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(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.
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(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.
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2. The chief executive officer shall have skill and experience in management
14and banking.
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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).
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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.
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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:
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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.
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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.
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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.
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16(4) Assist businesses and municipalities in recovering from the economic
17repercussions of external shocks, including pandemics, recessions, and natural
18disasters.
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19(5) Respond to the unmet affordable financing needs of local governmental
20units.
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21(6) Address the historic and current disadvantages experienced by the state's
22minority-owned and women-owned enterprises by providing affordable financing.
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23(7) Assist workers and communities in creating jobs by supporting cooperative
24business models including worker-owned cooperatives.
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25(8) Increase available affordable housing options for all residents of this state.
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1(9) Promote sustainable agriculture and address food insecurity, particularly
2by providing financing to family-owned farms and rural businesses that serve them.
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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.
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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.
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10(12) Strengthen state-chartered banks, particularly through participatory
11loan programs.
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12(13) Enable the state to share in the methods of monetary support the federal
13government provides to commercial banks.
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14(14) Assist students in need of additional low-cost student loans in financing
15the cost of higher education.
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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.
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(b) 1. The Public Bank of Wisconsin may, but is not required to, become a
20member of the federal reserve system.
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2. The Public Bank of Wisconsin may, but is not required to, become a member
22of the federal deposit insurance corporation.
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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.
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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.
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(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.
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(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.
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(f) The Public Bank of Wisconsin shall maintain complete records of all banking
12transactions.
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(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.
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16(2) (a) The board shall have all the powers necessary or convenient to carry out
17the purposes and provisions of this chapter.
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(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).
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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.
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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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(d) The board shall keep the board of advisors fully informed of the Bank's
5operations and loan portfolio and shall convey the recommendations of the board of
6advisors to the Bank's chief executive officer. The board shall hold an annual joint
7meeting of the board with the board of advisors and the Bank's chief executive officer.
8The board chairperson shall preside over this meeting. If requested by a majority
9of the members of the board of advisors, the board shall schedule and hold additional
10joint meetings in the same year as the annual joint meeting.
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(e) In conducting its operations, the Public Bank of Wisconsin shall comply with
12its business plan under s. 239.05 and further give priority to the following
13considerations:
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1. Supporting eligible recipients subject to the historic and current economic
15inequities experienced by communities in underserved neighborhoods, including
16enterprises established by residents there, as well as eligible recipients working to
17remedy those inequities.
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2. Supporting eligible recipients subject to the historic and current economic
19inequities experienced by women throughout the state.
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3. Supporting rural business and farming concerns.
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4. Supporting businesses with compensation structures that provide a livable
22wage, establish an equitable ratio between the least-paid and highest-paid
23members of the business, or otherwise demonstrate a commitment to equitable pay.
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5. Supporting entities that address the impacts of climate change and the
25reduction of greenhouse gases.
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16. Funding the need of municipalities to update and build safe and sustainable
2infrastructure.
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7. Supporting the operation of local governmental units, nonprofit
4organizations, credit unions, local community banks, community development
5authorities, redevelopment authorities, housing authorities, community
6development corporations, and state-chartered financial institutions, including by
7complementing or partnering rather than competing with these entities to
8strengthen them and to expand affordable financing in the state.
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8. Seeking participation loan options with the entities under subd. 7., when
10appropriate, rather than originating or servicing the loan itself.
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9. Promoting equitable distribution of the Bank's resources across the state,
12including ensuring that rural areas are given full and fair consideration and have
13all necessary support in completing the application process.
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14(3) In addition to all other powers granted the board under this chapter, the
15board may specifically do any of the following:
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(a) Adopt, amend, and repeal bylaws, policies, and procedures for the
17regulation of its affairs and the conduct of its business.
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(b) Sue and be sued.
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(c) Establish the Public Bank of Wisconsin's annual budget and monitor the
20fiscal management of the Bank.
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(d) Execute contracts and other instruments required for the operation of the
22Public Bank of Wisconsin.
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(e) Make loans and incur debt and other nondeposit liabilities, including money
24market borrowing, federal reserve borrowing, and capital market borrowing.
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(f) Procure liability insurance.
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1(g) Employ officers, staff, and agents and determine their qualifications,
2duties, and compensation.
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(h) Employ and compensate consultants, advisers, or other professionals to
4assist the board in carrying out its functions and exercising its authority under this
5chapter.
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6(4) (a) In this subsection, “labor peace agreement” means an agreement
7between an eligible recipient and a labor organization, as defined in s. 5.02 (8m), that
8does all of the following:
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1. Prohibits labor organizations and its members from engaging in picketing,
10work stoppages, boycotts, and any other economic interference with persons
11operating in this state.
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2. Prohibits the eligible recipient from disrupting the efforts of the labor
13organization to communicate with and to organize and represent the eligible
14recipient's employees.
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3. Provides the labor organization access at reasonable times to areas in which
16the eligible recipient's employees work for the purpose of meeting with employees to
17discuss their right to representation, employment rights under state law, and terms
18and conditions of employment.
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(b) Subject to par. (c), the Public Bank of Wisconsin shall use its powers to
20extend affordable financing to eligible recipients.
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(c) The Public Bank of Wisconsin may not extend affordable financing to an
22eligible recipient unless the eligible recipient does all of the following:
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1. Certifies to the Bank that the eligible recipient has entered into a labor peace
24agreement and will abide by the terms of the agreement as a condition of receiving
25the affordable financing.
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12. Submits to the Bank a copy of the page of the labor peace agreement that
2contains the signatures of the labor organization representative and the
3representative of the eligible recipient.
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4(5) (a) The board may facilitate investment in, and financing of, construction,
5rehabilitation, replacement, and improvement of new and existing public
6infrastructure systems.
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(b) Before initiating operations under par. (a), the board shall submit to the
8governor and to the chief clerk of each house of the legislature, for distribution to the
9appropriate standing committees under s. 13.172 (3), an implementation plan,
10including a proposal for any necessary legislation, that includes all of the following:
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1. Identification of the public infrastructure systems that the Bank plans to
12initially target.
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2. Identification of any existing state programs that the Bank recommends be
14transferred under its authority, and the steps and timelines for the transitions.
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3. A description of additional financing products and services the Bank plans
16to offer, the target markets, and anticipated rates, terms, and conditions.
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4. A demonstration of how Bank products and services will increase access to
18capital for public infrastructure systems and complement those of existing public
19and private sources.
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5. A demonstration of how the Bank plans to maximize public benefit.
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21(6) (a) The Public Bank of Wisconsin, in partnership with independent
22community banks, credit unions, or community development corporations, may
23administer a state guarantee loan program to assist students in need of low-cost
24student loans and related loan benefits to address educational needs as necessary to
25support student success, including the refinancing of existing student loan debt.
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1(b) The board shall develop an implementation plan for the program under par.
2(a). The implementation plan shall include all of the following:
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1. Identification of the needs and benefits to selected students that the program
4will initially target.
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2. The policies and criteria that the Bank will use to balance public benefit and
6public risk.
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3. Identification of the ways that the program will address all of the following
8issues related to loans: