SB1106,,207 (10) (a) The board shall appoint a chief executive officer of the Bank who may not be a member of the board and who shall serve at the pleasure of the board. Notwithstanding sub. (8), appointment of the chief executive officer requires the affirmative vote of at least 8 board members. At the discretion of the board chairperson, the board may utilize a form of ranked-choice voting to ensure that the 8-vote threshold is satisfied.

SB1106,,208 (b) The board may delegate to the chief executive officer any powers and duties the board considers proper.

SB1106,,209 (c) The board shall terminate the chief executive officer upon a vote of no confidence in the chief executive officer by at least 8 board members. If this occurs, the board shall immediately initiate the process of hiring a new chief executive officer.

SB1106,,210 (d) If there is a vacancy, absence, or disability in the position of chief executive officer, as determined by the board, then notwithstanding sub. (8), the board may, upon the affirmative vote of 7 board members, designate an acting chief executive officer who has similar qualifications to those required under this subsection for the chief executive officer. An acting chief executive officer has all the powers and duties of the chief executive officer.

SB1106,,211 (e) 1. The chief executive officer shall be compensated as determined by the board and shall devote full time and attention to the duties of the office.

SB1106,,212 2. The chief executive officer shall have skill and experience in management and banking.

SB1106,,213 3. The chief executive officer is the executive and administrative head of the Bank and is responsible for the Bank’s administration and the Bank’s compliance with this chapter. The chief executive officer is responsible for all aspects of the Bank’s management, including its physical facilities, investments, loan portfolio, accounting, risk management, and regulatory compliance, as well as the responsibilities specified in s. 239.05 (2).

SB1106,,214 4. The chief executive officer may employ other employees, consultants, agents, and advisors, including legal counsel, and shall attend meetings of the board, except those board meetings authorized under ch. 19 to be conducted in closed session.

SB1106,,215 239.035 Purpose of the Public Bank of Wisconsin. The purpose of the Public Bank of Wisconsin is to accept and hold deposits of public funds and utilize those funds in this state to further the Bank’s goals to do all of the following:

SB1106,,216 (1) Accomplish the Bank’s mission by adhering to priorities of institutional safety and soundness as ensured by division supervision; long-term viability; social return and monetary return on lending and investments; prudent and best banking and business practices; highest ethical, accountability, and transparency standards; and insulation from political influence.

SB1106,,217 (2) Support the expansion and development of public and private measures to mitigate the grave dangers that climate change poses to the public and local enterprises, and to promote reductions in greenhouse gas emissions.

SB1106,,218 (3) Promote economic development and job creation in this state, and support the economic well-being and health of this state, by providing affordable financing to eligible recipients and small- and medium-sized businesses, especially in underserved communities.

SB1106,,219 (4) Assist businesses and municipalities in recovering from the economic repercussions of external shocks, including pandemics, recessions, and natural disasters.

SB1106,,220 (5) Respond to the unmet affordable financing needs of local governmental units.

SB1106,,221 (6) Address the historic and current disadvantages experienced by the state’s minority-owned and women-owned enterprises by providing affordable financing.

SB1106,,222 (7) Assist workers and communities in creating jobs by supporting cooperative business models including worker-owned cooperatives.

SB1106,,223 (8) Increase available affordable housing options for all residents of this state.

SB1106,,224 (9) Promote sustainable agriculture and address food insecurity, particularly by providing financing to family-owned farms and rural businesses that serve them.

SB1106,,225 (10) Support nonprofit and community-based organizations that work to address the results of racial injustice or to promote women’s economic and social equity or both.

SB1106,,226 (11) Provide economic support to state agencies, local governmental units, and nonprofit organizations, including community development authorities, redevelopment authorities, housing authorities, and community development corporations.

SB1106,,227 (12) Strengthen state-chartered banks, particularly through participatory loan programs.

SB1106,,228 (13) Enable the state to share in the methods of monetary support the federal government provides to commercial banks.

SB1106,,229 (14) Assist students in need of additional low-cost student loans in financing the cost of higher education.

SB1106,,230 239.04 Powers and duties of the Bank, board. (1) (a) Except as provided in par. (e) and as otherwise provided in this chapter, the Public Bank of Wisconsin shall have all the powers of a state bank organized under ch. 221.

SB1106,,231 (b) 1. The Public Bank of Wisconsin may, but is not required to, become a member of the federal reserve system.

SB1106,,232 2. The Public Bank of Wisconsin may, but is not required to, become a member of the federal deposit insurance corporation.

SB1106,,233 3. The Public Bank of Wisconsin may, but is not required to, establish a master account with the federal reserve system to enhance the Bank’s liquidity.

SB1106,,234 (c) The Public Bank of Wisconsin may conduct operations or engage in activities through subsidiaries to the same extent as other state banks organized under ch. 221, but these subsidiaries are subject to any restriction or limitation applicable if the Bank directly conducted the operation or engaged in the activity.

SB1106,,235 (d) The Public Bank of Wisconsin may accept and solicit property, including any gifts, donations, grants, bequests, loans, public funds, or other private contributions, for any of the purposes of this chapter.