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Bill > A08290
NY A08290
NY A08290Establishes 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
10/06/2021
10/06/2021
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" and 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 the public banks for the 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 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, as long as such actions are pursuant to public purposes.
Committee Categories
Business and Industry
Sponsors (63)
Patricia Fahy (D)*,
Khaleel Anderson (D),
Jeffrion Aubry (D),
Brian Barnwell (D),
Rodneyse Bichotte Hermelyn (D),
Harry Bronson (D),
Chris Burdick (D),
Kenny Burgos (D),
Pat Burke (D),
Robert Carroll (D),
Sarah Clark (D),
William Colton (D),
Catalina Cruz (D),
Brian Cunningham (D),
Maritza Davila (D),
Manny De Los Santos (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),
Deborah Glick (D),
Jessica González-Rojas (D),
Richard Gottfried (D),
Andrew Hevesi (D),
Pamela Hunter (D),
Chantel Jackson (D),
Jonathan Jacobson (D),
Kimberly Jean-Pierre (D),
Anna Kelles (D),
Ron Kim (D),
Nikki Lucas (D),
Jen Lunsford (D),
Zohran Mamdani (D),
Demond Meeks (D),
Marcela Mitaynes (D),
Michael Montesano (R),
Yuh-Line Niou (D),
Steve Otis (D),
N. Nick Perry (D),
Gary Pretlow (D),
Dan Quart (D),
Karines Reyes (D),
Jonathan Rivera (D),
Linda Rosenthal (D),
Nily Rozic (D),
Nader Sayegh (D),
Rebecca Seawright (D),
Amanda Septimo (D),
Gina Sillitti (D),
Jo Anne Simon (D),
Michaelle Solages (D),
Phara Souffrant Forrest (D),
Steve Stern (D),
Yudelka Tapia (D),
Al Taylor (D),
Fred Thiele (D),
Latrice Walker (D),
Jaime Williams (D),
Last Action
print number 8290a (on 05/10/2022)
Official Document
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