NY A06110

Establishes a temporary 15-member commission to study the feasibility of establishing a state-owned bank or a bank owned by a public authority in New York State

Commission membership includes six gubernatorial appointees (including representatives from the banking department and department of taxation and finance), the state comptroller, three members appointed by the senate president, one by the senate minority leader, three by the assembly speaker, and one by the assembly minority leader

Commission must examine technical, legal, and financial feasibility of a state-owned bank; evaluate experiences of other states with state banks; assess how public funds are currently invested; and investigate potential benefits for agriculture, education, community development, and economic development

Commission shall hold at least three public hearings in distinct geographic regions and must publish findings, recommendations, and draft legislation on the state website and file with the senate finance committee and assembly ways and means committee within one year

Act takes effect immediately and expires one year after the effective date