BOSTON (WWLP) – Money from President Joe Biden’s American Rescue Plan is on its way to Massachusetts.

On Monday, House Speaker Ron Mariano and Senate President Karen Spilka announced that the state’s $5.3 billion allocations will go “into a segregated fund.”

Mariano and Spilka said they still plan to hold a public hearing on the distribution of the funds but for now, they are setting the money aside.

Lawmakers at the Statehouse want to allow all communities, especially those impacted the most by COVID-19, to help determine where investments are needed.

The legislature plans to spread out the money to ensure that the Massachusetts economy continues to thrive in the years to come.

Gov. Baker is pushing back on the legislature’s plans, stating that he’s the one who should spend the money. He noted that he doesn’t need legislative approval to do so.