NY A01696

Establishes a temporary 15-member state commission to study the feasibility of creating a state-owned bank or a bank owned by a public authority constituted by New York state.

Commission membership includes six governor appointees (including representatives from banking department and taxation/finance department), the state comptroller, three senate appointees, one senate minority leader appointee, three assembly appointees, and one assembly minority leader appointee.

Commission must examine technical, legal, and financial feasibility of a state-owned bank; evaluate other states' experiences with state-owned banks; study how public funds are invested; and investigate how a state bank could support agriculture, education, economic development, and infrastructure.

Commission shall hold at least three public hearings across distinct geographic regions and must coordinate with the Federal Reserve Bank of New York and existing public lending agencies.

Commission must publish findings, recommendations, and draft legislation within one year of the effective date on the state website and file with the senate finance committee and assembly ways and means committee; the commission expires one year after the effective date.