NY A07545

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

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

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

Commission must hold at least three public hearings across distinct geographic regions of the state and consult with the Federal Reserve Bank of New York president.

Commission shall publish findings, recommendations, and draft legislation on the state website and file with the senate finance committee and assembly ways and means committee no later than one year after the act takes effect; the commission expires one year after the effective date.