NY A04448

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 senate and assembly banking committees.

Authorizes the bank to accept state deposits, invest state moneys, and facilitate financing for public infrastructure systems including water treatment, transportation, broadband, schools, and affordable housing.

Empowers the bank to administer a student loan guarantee program, provide low-cost capital to businesses and nonprofits, and offer treasury and banking services to state and local government entities.

Establishes a transition board appointed by legislative leaders and citizen members to develop a startup business plan and capitalization options, with operations to commence by April 1, 2024.

Exempts the bank from state and local taxes and fees, requires quarterly reporting to the commission and annual reports to the legislature, and mandates financial regulation by the superintendent of financial services consistent with safety and soundness standards.