TREASURER CAHILL LAUNCHES JOB GROWTH TASK FORCE

Banks Announce Financial Commitment

BOSTON - Massachusetts State Treasurer Timothy P. Cahill has announced the creation of a special task force to help stimulate job growth in the state, specifically through initiatives within the State Treasury. The announcement was made at a press conference with members of the new task force, including representatives from Sovereign and Bank of America. Both banks affirmed their respective commitments to jobs and economic development in Massachusetts.

Job Growth Task Force members include Joseph Campanelli, President of Sovereign New England; Anne Finucane, Northeast Market President, Bank of America; Ted Scontras, Executive Vice President, Banknorth Group; Paul Guzzi, President & CEO, Greater Boston Chamber of Commerce; Peter Forman, President & CEO, South Shore Chamber of Commerce; Richard Freeland, President, Northeastern University; Ellen Zane, President & CEO, Tufts-New England Medical Center; Jim Davis, Chairman & CEO, New Balance; Tom May, President & CEO, NSTAR; and John Fish, President of Suffolk Construction.

“Creating jobs and providing economic opportunity for people in Massachusetts is the responsibility of all elected officials. I believe we have a particularly strong role to play within the Treasury, given that we oversee the management of billions of dollars of taxpayer money, and touch all facets of state government,” said Cahill. “I am focused on marshalling the full resources available to me and this office, so that we can add solutions to the issue of jobs in Massachusetts.”

The task force is expected to look at what the Treasury is already doing to benefit the local economy and job market; find ways to additionally leverage Treasury initiatives for further job growth; and identify potential new job growth initiatives to explore. The group expects to present a set of recommendations in 60 days.

Existing job growth and economic development initiatives within the Treasury include economically targeted investments in the $36 billion state pension, and through the cash management division; grants for school building construction and clean water/septic repair programs, both translating into thousands of jobs across the Commonwealth; and small business support through the State Lottery, ABCC and Financial Education.

“While we believe we have already identified some areas within the Treasury to spur job growth and economic development, we also believe there are untapped opportunities to further explore,” added Cahill. “The best way to do this is to gather some of the best and brightest minds in the community, and to together explore potential solutions.”

Also at the press conference, Sovereign Bank and Bank of America made announcements regarding their respective financial commitments to job growth, small business support and community investments in Massachusetts.

Sovereign Bank announced the creation a job growth program through $200 million in low-cost loans to small businesses in Massachusetts. Sovereign Bank’s goal is to focus on small businesses, which create more than two out of three new jobs nationally and promote diversity and economic advancement.

“There are many small and growing companies in Massachusetts without access to capital, which prevents them from expanding. These companies could be adding much-needed jobs and putting more people to work in the Commonwealth,” said Treasurer Cahill. “This program from Sovereign will give small businesses an opportunity to grow in the future.”

Bank of America announced a goal of $8.6 billion in community development investment in Massachusetts over the next three years, including over $4 billion for affordable housing, and $1.3 billion for small business. A key component of the merger agreement between Bank of America and Fleet required that Bank of America maintain pre-merger employment levels in New England following the consolidation of Fleet.

“This is a significant amount of funds for our state that will significantly impact out Massachusetts workforce,” said Cahill. “We commend Bank of America for their investment in Massachusetts, and look forward to their continued leadership on this issue.”




Source:
Press Release: Massachusetts State Treasury (2/14/2005)
Contact: Eileen O'Connor, (617) 367-6900

Related Link: <http://www.mass.gov/treasury/PressReleases/21405.htm>