Bill
Bill > A09665
NY A09665
NY A09665Relates to establishing the New York public banking act; authorizes the lending of public credit to public banks and authorizes public ownership of stock in public banks for the purpose of achieving cost savings, strengthening local economies, supporting community economic development, and addressing infrastructure and housing needs for localities.
summary
Introduced
02/04/2020
02/04/2020
In Committee
02/04/2020
02/04/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
2019-2020 General Assembly
Bill Summary
Relates to establishing the New York public banking act; authorizes the lending of public credit to public banks and authorizes public ownership of stock in public banks for the purpose of achieving cost savings, strengthening local economies, supporting community economic development, and addressing infrastructure and housing needs for localities.
AI Summary
This bill establishes the New York Public Banking Act, which authorizes the lending of public credit to public banks and the public ownership of stock in public banks. The purpose is to achieve cost savings, strengthen local economies, support community economic development, and address infrastructure and housing needs for localities. The bill defines the corporate structure, governance, and permitted activities of public banks, including prioritizing loans for worker cooperatives, affordable housing, renewable energy, small businesses, and other community-focused initiatives. The bill also exempts public banks from certain taxes and allows state and local authorities to invest in and lend to public banks.
Committee Categories
Business and Industry
Sponsors (32)
Thomas Abinanti (D)*,
Harry Bronson (D)*,
Carmen Arroyo (OTHER),
Rodneyse Bichotte Hermelyn (D),
Pat Burke (D),
Michael DenDekker (D),
Inez Dickens (D),
Jeffrey Dinowitz (D),
Steven Englebright (D),
Harvey Epstein (D),
Patricia Fahy (D),
Charles Fall (D),
Mathylde Frontus (D),
Sandy Galef (D),
Richard Gottfried (D),
Pamela Hunter (D),
Jonathan Jacobson (D),
Kimberly Jean-Pierre (D),
Ron Kim (D),
Yuh-Line Niou (D),
Félix Ortiz (D),
Crystal Peoples-Stokes (D),
N. Nick Perry (D),
Karines Reyes (D),
Diana Richardson (D),
Robert Rodriguez (D),
Linda Rosenthal (D),
Rebecca Seawright (D),
Jo Anne Simon (D),
Michaelle Solages (D),
Phil Steck (D),
Al Taylor (D),
Last Action
print number 9665e (on 08/17/2020)
Official Document
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