Bill > S05565

This bill authorizes the lending of public credit to public banks and the public ownership of stock in public banks. The goal is to achieve cost savings, strengthen local economies, support community economic development, and address infrastructure and housing needs for localities. The bill establishes the New York Public Banking Act, which defines public banks, their governance structure, charter requirements, financial and operational framework, and permitted activities. The bill also allows state and local authorities to invest in and lend money to public banks.