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Bill > A05782

NY A05782

NY A05782
Establishes the "New York public banking act"; authorizes municipal and other local government 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
02/25/2021
In Committee
02/25/2021
Crossed Over
Passed
Dead
12/31/2022

Introduced Session

2021-2022 General Assembly

Bill Summary

Establishes the "New York public banking act"; authorizes municipal and other local government 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 ownership of capital stock or other interests. The bill allows local governments to loan or grant public funds or lend public credit to these public banks for the purposes of achieving cost savings, strengthening local economies, supporting community economic development, and addressing infrastructure and housing needs. 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 (44)

Victor Pichardo (D)*,  Khaleel Anderson (D),  Jeffrion Aubry (D),  Charles Barron (D),  Rodneyse Bichotte Hermelyn (D),  Harry Bronson (D),  Chris Burdick (D),  Kenny Burgos (D),  Pat Burke (D),  Sarah Clark (D),  Maritza Davila (D),  Carmen De La Rosa (D),  Inez Dickens (D),  Jeffrey Dinowitz (D),  Steven Englebright (D),  Harvey Epstein (D),  Charles Fall (D),  Nathalia Ferna´ndez (D),  Mathylde Frontus (D),  Sandy Galef (D),  Emily Gallagher (D),  Jessica González-Rojas (D),  Richard Gottfried (D),  Pamela Hunter (D),  Chantel Jackson (D),  Jonathan Jacobson (D),  Kimberly Jean-Pierre (D),  Ron Kim (D),  Jen Lunsford (D),  Zohran Mamdani (D),  Marcela Mitaynes (D),  Michael Montesano (R),  Yuh-Line Niou (D),  N. Nick Perry (D),  Karines Reyes (D),  Diana Richardson (D),  Linda Rosenthal (D),  Amanda Septimo (D),  Gina Sillitti (D),  Jo Anne Simon (D),  Phara Souffrant Forrest (D),  Phil Steck (D),  Al Taylor (D),  Fred Thiele (D), 

Last Action

enacting clause stricken (on 09/15/2021)
(1 Companion Bills)

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