Loading chat...
NY A06308
Bill
Status
3/3/2025
Primary Sponsor
Crystal Peoples-Stokes
Click for details
AI Summary
-
Establishes an 11-member temporary state commission to hire a consultant to study the feasibility of creating a state-owned public bank or network of public banks in New York
-
Commission members appointed by the governor (5), temporary president of the senate (3), and speaker of the assembly (3), with required representation from the Department of Financial Services, Department of Taxation and Finance, banking industry, and community banking
-
Feasibility study must analyze governance structures, capitalization requirements, charter requirements, cost savings, economic development impacts, and effects on small businesses, minority- and women-owned enterprises, unbanked populations, and the cannabis industry
-
Commission must submit its report with findings, conclusions, and any legislative recommendations within 6-7 months after the act takes effect to the governor, legislative leaders, and banking committee chairs
-
The act expires and is repealed one year after taking effect
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
1/7/2026