NY A03352

Bill

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.

Introduced
02/02/2023

In Committee
01/03/2024

Crossed Over

Passed

Dead
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" and authorizes municipal and other local governments to form and control public banks. These public banks can be formed as not-for-profit corporations, limited liability companies, or business corporations, with the sponsoring local government maintaining majority ownership and control. The bill sets guidelines for the governance, capitalization, permitted activities, and regulatory framework for these public banks, which are intended to serve public purposes such as strengthening local economies, supporting community economic development, and addressing infrastructure and housing needs in localities.

Committee Categories

Business and Industry

Sponsors (68)

Pamela Hunter (D)*, George Alvarez (D), Khaleel Anderson (D), Juan Ardila (D), Jeffrion Aubry (D), Rodneyse Bichotte Hermelyn (D), Alex Bores (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), Taylor Darling (D), Maritza Davila (D), Manny De Los Santos (D), Inez Dickens (D), Jeffrey Dinowitz (D), Harvey Epstein (D), Patricia Fahy (D), Charles Fall (D), Emily Gallagher (D), Deborah Glick (D), Jessica González-Rojas (D), Andrew Hevesi (D), Chantel Jackson (D), Jonathan Jacobson (D), Kimberly Jean-Pierre (D), Anna Kelles (D), Ron Kim (D), Grace Lee (D), Dana Levenberg (D), Nikki Lucas (D), Jen Lunsford (D), Zohran Mamdani (D), Demond Meeks (D), Marcela Mitaynes (D), Danny O'Donnell (D), Steve Otis (D), Amy Paulin (D), Gary Pretlow (D), Steven Raga (D), Phil Ramos (D), Karines Reyes (D), Jonathan Rivera (D), Linda Rosenthal (D), Nily Rozic (D), Nader Sayegh (D), Rebecca Seawright (D), Amanda Septimo (D), Maryjane Shimsky (D), Sarahana Shrestha (D), Gina Sillitti (D), Jo Anne Simon (D), Tony Simone (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), John Zaccaro (D), Stefani Zinerman (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
‐ Housing and Community Development for Low and Middle Income Persons

Official Document

https://www.nysenate.gov/legislation/bills/2023/A3352

(3 Companion Bills)

Version:

Document Type	Source Location	Created
State Bill Page	https://www.nysenate.gov/legislation/bills/2023/A3352	02/02/2023
BillText	https://assembly.state.ny.us/leg/?default_fld=&bn=A03352&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A03352	02/02/2023

Bill	Bill Name	Last Action	Type
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.	enacting clause stricken	Reintroduced
A08290	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.	print number 8290a	Reintroduced
S01754	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.	REFERRED TO BANKS	Same As

Bill > A03352

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (68)

Last Action

Bill Topics

Banking, Finance, and Domestic Commerce

Community Development and Housing Issues

Official Document

bill text

bill summary

bill summary

bill summary