Bill > A01887

This bill establishes the Empire State Public Bank, a state-owned financial institution designed to leverage New York's public assets to generate economic and social benefits. The bank's primary objectives include facilitating investment in public infrastructure, providing low-cost student loans, offering access to low-interest capital for businesses and communities, and supporting economic development. A five-member commission, including the governor, lieutenant governor, banking committee chairs, and state comptroller, will govern the bank. The legislation creates a transition board to develop initial startup plans and sets an operational launch date of April 1, 2026. The bank will be authorized to accept state deposits, make infrastructure and business loans, provide banking services, and invest state funds, while maintaining strict ethical standards, transparency, and financial soundness. An eleven-member advisory board with expertise in banking, finance, and social advocacy will review the bank's operations. The bank will be exempt from state taxes and fees, subject to financial regulations, and required to submit quarterly reports to the commission. The overall mission is to use state financial resources more efficiently to support public needs and economic growth while maintaining institutional integrity and minimizing political influence.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A1887