NY A00437

Creates the Empire State Public Bank as a state-chartered financial institution governed by a commission consisting of the governor, lieutenant governor, state comptroller, and chairs of the assembly and senate banking committees.

Authorizes the bank to facilitate financing for public infrastructure systems (water, transportation, broadband, schools, affordable housing), administer low-cost student loans, and provide capital access to businesses, nonprofits, and underserved communities.

Requires the bank to serve as depository for state moneys once sufficient capacity is built, with all deposits guaranteed by the state and income earned credited to the bank's revenues.

Establishes a transition board to develop a start-up business plan, initial capital requirements, and implementation timelines, with bank operations to commence by April 1, 2020.

Exempts the bank from state and local fees and taxes, requires quarterly reporting to the commission and annual reports to the legislature, and subjects the bank to examination by the superintendent of financial services under safety and soundness standards.