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NY S01755
Bill
Status
5/30/2023
Primary Sponsor
James Sanders
Click for details
AI Summary
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Establishes a temporary New York state commission to hire a consultant to study the feasibility of establishing a bank owned by New York State or a public authority.
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Commission consists of 11 members: five appointed by the governor (including representatives from the departments of financial services and taxation and finance, plus banking and community banking representatives), three by the senate temporary president, and three by the assembly speaker.
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Study scope includes analysis of governance structures, capitalization requirements, insurance and risk management, charter requirements, cost savings, economic development impacts, effects on unbanked and underbanked populations, and potential banking services for the cannabis industry.
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Commission must submit a report with findings and legislative recommendations between six and seven months after the act's effective date to the governor, legislative leaders, and banking committee chairs, with the report published on the Department of Financial Services website.
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Act takes effect immediately and expires one year after enactment.
Legislative Description
Establishes a temporary state commission to conduct a feasibility study to evaluate and make recommendations concerning the formation and control of a state public bank; provides if such study finds that the state bank is feasible, the commission may recommend legislation to create a state public bank for New York.
Last Action
referred to banks
6/5/2024