NY A01887

Creates the Empire State Public Bank as a state-owned financial institution to serve as the depository for state funds and leverage those assets to benefit New York's economy

Establishes a five-member governing commission consisting of the Governor, Lieutenant Governor, chairs of the Assembly and Senate banking committees, and the State Comptroller, with operations to begin by April 1, 2026

Authorizes the bank to provide low-cost financing for public infrastructure projects (including transportation, affordable housing, broadband, and water systems), student loans, and loans to businesses, nonprofits, and low-income communities

Creates an 11-member advisory board appointed by the Governor with expertise in banking and finance, including two members with consumer advocacy or social justice backgrounds

Exempts the bank from state and local taxes and fees, guarantees all deposits by the state, and requires quarterly reporting to the commission and annual reports to the legislature