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NY A06808
Bill
Status
4/8/2021
Primary Sponsor
Sandra Galef
Click for details
AI Summary
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Establishes a 17-member temporary state commission to study the feasibility and benefits of creating a state-owned public bank or network of public banks in New York.
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Commission must evaluate existing laws and regulatory changes needed to create a public bank, examine experiences in other states and countries, and identify lending gaps not served by the private sector.
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Commission shall hold at least three public hearings across distinct geographic regions and publish findings, recommendations, and draft legislation within one year of the act's effective date.
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Commission members include 8 gubernatorial appointees (including representatives from the Department of Financial Services and Department of Taxation and Finance), the state comptroller, and appointees from legislative leaders, with the governor designating the chair.
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Act takes effect immediately and expires one year after its effective date; members receive no compensation but reimbursement for expenses, with the Department of Financial Services providing staff support.
Legislative Description
Establishes the New York state commission on establishing a bank owned by New York state for purposes of determining what benefits a public bank or network of public banks owned by the state of New York or by a public authority constituted by the state of New York could provide for the New York state government, local governments, communities, private businesses, community banks, credit unions and people; requires publication of the commission's findings and recommendations.
Last Action
referred to banks
1/5/2022