Loading chat...
NY A07306
Bill
Status
Introduced
3/25/2025
Primary Sponsor
Clyde Vanel
Click for details
AI Summary
- Establishes a 13-member New York State Public Bank Commission to hire a consultant to study the feasibility of creating a state-owned public bank
- Commission members appointed by the governor (6), temporary president of the senate (3), speaker of the assembly (3), and the state comptroller or proxy, with appointments required within 90 days of enactment
- Study must analyze governance structures, capitalization requirements, charter requirements, impacts on small businesses, minority- and women-owned enterprises, unbanked populations, banking deserts, and cannabis industry banking access
- Appropriates $500,000 from the general fund to the Department of Financial Services to carry out the study
- Commission must submit its report with findings and legislative recommendations to the governor and legislative leaders between 6-7 months after the effective date, with the act expiring 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; makes an appropriation therefor.
Last Action
referred to banks
1/7/2026
Committee Referrals
Banks3/25/2025
Full Bill Text
No bill text available