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NY S01996
Bill
Status
6/11/2025
Primary Sponsor
James Sanders
Click for details
AI Summary
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Establishes a 13-member temporary New York State Public Bank Commission to hire a consultant and study the feasibility of creating a state-owned public bank
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Commission members appointed by the governor (6), temporary president of the senate (3), speaker of the assembly (3), and the state comptroller, with members required within 90 days of the act's effective date
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Study must analyze governance structures, capitalization requirements, charter requirements, economic impacts, effects on small businesses, minority- and women-owned enterprises, unbanked populations, and cannabis industry banking access
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Appropriates $500,000 from the general fund to the Department of Financial Services to conduct the study
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Commission must submit findings and legislative recommendations to the governor and legislative leaders within 6-7 months, 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.
Last Action
REFERRED TO FINANCE
1/7/2026