#2021-26 October 22, 2021

Governor Signs Supplemental Budget

On Wednesday, Governor Charlie Baker signed the $303 million supplemental budget bill sent to his desk last week to settle unpaid bills and close the books on fiscal 2021.  While the bill, H 4200, officially ends FY2021, it does not spend the surplus revenue the state collected throughout the fiscal year.  Instead, it places approximately $1.5 billion into a Transitional Escrow Fund that expires on June 30, 2022.

In June, the Legislature also transferred $4.8 billion in federal funds into a Coronavirus State Fiscal Recovery Fund and the legislature’s decisions on spending the surplus and the American Rescue Plan Act (ARPA) funding could coincide.  Legislators recently completed a series of hearings focused on how to spend the ARPA money, and legislative leaders have said their aim is to pass a bill spending at least some of the ARPA funds by the time the Legislature ends formal sessions for the year before Thanksgiving. Governor Baker has consistently urged lawmakers to deliver the ARPA funding more quickly. 

Representative Cronin Nomination Clears Senate Foreign Relations Committee

Representative Claire Cronin’s nomination to serve as US ambassador to Ireland is moving forward to the full Senate after being approved by the Senate Committee on Foreign Relations.  Cronin’s nomination was approved alongside a long list of other nominees, including Victoria Reggie Kennedy, the widow of US Senator Ted Kennedy, to serve as ambassador to Austria.

Leader Cronin’s Senate confirmation and her subsequent resignation would open up the second-highest position in the House and likely force a special election to restore representation for voters in the 11th Plymouth House District.  She is part of a pipeline of Massachusetts officials who have been selected by President Biden to serve in federal positions.  Representative Maria Robinson has been nominated to serve as assistant secretary in the Office of Electricity and Suffolk County District Attorney Rachael Rollins was nominated to fill the US Attorney for Massachusetts post. 

FDIC Hosting Session for New Bank Directors on October 28

The FDIC is hosting a virtual session for new bank directors with less than five years’ experience on Thursday, October 28 at 9:00 a.m.  The 90-minute session will focus on fundamental board governance issues, Directors’ roles and responsibilities, the examination process, and effective strategies to monitor bank performance.  There will also be an opportunity for participants to have their questions answered by FDIC staff.  Information to join the Microsoft Teams meeting on October 28 is below.  We encourage banks to share this information with your new directors and those that want a refresher on board responsibilities.

Join on your computer or mobile app
Click here to join the meeting

Or call in (audio only)
+1 201-275-0433,,555866199#
Phone Conference ID: 555 866 199#