Bill
Bill > S01754
NY S01754
NY S01754Establishes 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
01/13/2023
01/13/2023
In Committee
01/03/2024
01/03/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the banking law, the state finance law and the general municipal law, in relation to establishing the "New York public banking act"
AI Summary
This bill establishes the "New York Public Banking Act" that authorizes municipal and other local governments to form and control public banks through the ownership of capital stock or other ownership interests. The public banks can be formed as not-for-profit corporations, limited liability companies, or business corporations, and the local government sponsors must maintain majority and controlling ownership. The bill outlines the governance structure, charter requirements, financial and operations framework, and permitted activities of the public banks, which are intended to achieve cost savings, strengthen local economies, support community economic development, and address infrastructure and housing needs for localities.
Committee Categories
Business and Industry
Sponsors (32)
James Sanders (D)*,
Jamaal Bailey (D),
Jabari Brisport (D),
Samra Brouk (D),
Iwen Chu (D),
Cordell Cleare (D),
Leroy Comrie (D),
Jeremy Cooney (D),
Nathalia Ferna´ndez (D),
Michael Gianaris (D),
Kristen Gonzalez (D),
Andrew Gounardes (D),
Pete Harckham (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),
Gustavo Rivera (D),
Julia Salazar (D),
Luis Sepúlveda (D),
Jose Serrano (D),
James Skoufis (D),
Toby Stavisky (D),
Lea Webb (D),
Last Action
REFERRED TO BANKS (on 01/03/2024)
Bill Topics
Banking, Finance, and Domestic Commerce
- ‐ Banking System and Financial Institution Regulation and Reform
Community Development and Housing Issues
- ‐ Community and Regional Development
Local Government
- ‐ General Local Government
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2023/S1754 | 01/13/2023 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S01754&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S01754 | 01/13/2023 |
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