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Bill > S01762
NY S01762
NY S01762Establishes the "New York public banking act"; authorizes municipal and other local governments to form and control public banks through the ownership of capital stock or other ownership interests, and to loan or grant public funds or lend public credit to such public banks for the public purposes of achieving cost savings, strengthening local economies, supporting community economic development, and addressing infrastructure and housing needs for localities.
summary
Introduced
01/15/2021
01/15/2021
In Committee
01/05/2022
01/05/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
Establishes the "New York public banking act"; authorizes municipal and other local governments to form and control public banks through the ownership of capital stock or other ownership interests, and to loan or grant public funds or lend public credit to such public banks for the public purposes 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 municipal and other local governments to form and control public banks through the ownership of capital stock or other ownership interests. The bill allows these local governments to loan or grant public funds or lend public credit to such public banks for the public purposes of achieving cost savings, strengthening local economies, supporting community economic development, and addressing infrastructure and housing needs for localities. The bill also codifies the common law interpretation of the New York state constitution that cities, counties, and other municipalities may own stock or other ownership interests in, and lend or grant money to, public and private corporations, limited liability companies or not-for-profit corporations, so long as such actions are pursuant to public purposes.
Committee Categories
Business and Industry
Sponsors (31)
James Sanders (D)*,
Jamaal Bailey (D),
Alessandra Biaggi (D),
Jabari Brisport (D),
Samra Brouk (D),
Cordell Cleare (D),
Leroy Comrie (D),
Jeremy Cooney (D),
James Gaughran (D),
Michael Gianaris (D),
Andrew Gounardes (D),
Michelle Hinchey (D),
Brad Hoylman (D),
Robert Jackson (D),
Brian Kavanagh (D),
Liz Krueger (D),
John Liu (D),
Rachel May (D),
Shelley Mayer (D),
Zellnor Myrie (D),
Kevin Parker (D),
Roxanne Persaud (D),
Jessica Ramos (D),
Elijah Reichlin-Melnick (D),
Gustavo Rivera (D),
Julia Salazar (D),
Diane Savino (D),
Luis Sepúlveda (D),
Jose Serrano (D),
James Skoufis (D),
Toby Stavisky (D),
Last Action
PRINT NUMBER 1762B (on 05/05/2022)
Official Document
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