Bill > S01755

This bill establishes a temporary state commission to conduct a feasibility study on creating a state public bank in New York. The commission will hire a consultant to evaluate the potential benefits, costs, governance structure, and legal considerations of establishing a state-owned bank. The commission is required to submit a report with their findings and legislative recommendations within 6-7 months. The bill provides details on the composition of the commission and the scope of the feasibility study, which includes analyzing the bank's potential impacts on the state's finances, economic development, housing, and the unbanked/underbanked communities. If the study finds the state public bank to be feasible, the commission may recommend legislation to create such a bank in New York.