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NY A06268
Bill
Status
3/3/2025
Primary Sponsor
Clyde Vanel
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AI Summary
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Authorizes cities, towns, villages, and counties with at least 100,000 residents to establish and control public banks as not-for-profit corporations, stock corporations, or limited liability companies
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Requires public banks to be governed by 9-11 member boards with majority independent directors, including members with community banking experience and representatives of community stakeholders
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Mandates public banks prioritize loans supporting worker cooperatives, community land trusts, affordable housing, renewable energy, infrastructure, small businesses, minority- and women-owned enterprises, and underserved communities
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Permits sponsors to prohibit investments in designated industries including fossil fuels, weapons manufacturers, private prisons, and immigration detention facilities
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Exempts public banks from state, county, and municipal taxes including income, capital gains, real estate, and mortgage recording taxes
Legislative Description
Establishes the "New York public banking act"; authorizes municipal and other local governments to form and control public banks through the ownership of capital stock or other ownership interests, and to loan or grant public funds or lend public credit to such public banks for the public purposes of achieving cost savings, strengthening local economies, supporting community economic development, and addressing infrastructure and housing needs for localities.
Last Action
referred to banks
1/7/2026