Bill > S01996

This bill establishes a temporary 13-member New York State Public Bank Commission charged with conducting a comprehensive feasibility study on creating a state-owned public bank. The commission will include representatives from various state departments, the banking industry, and the legislature, and will hire a consultant to evaluate the potential benefits and challenges of establishing a public bank. The study will comprehensively examine multiple aspects of a potential public bank, including its potential economic and social impacts, governance structures, financial feasibility, legal compliance, and potential benefits for small businesses, minority-owned enterprises, and underserved communities. The commission is required to submit a detailed report within 6-7 months of the bill's effective date, which will include findings and potential legislative recommendations. The bill appropriates $500,000 for the study and will expire one year after taking effect, providing a time-limited exploration of the state public bank concept. The goal is to determine whether creating a state-owned bank would serve the public interest by potentially addressing financial service gaps, supporting economic development, and providing alternative banking options.

Budget and Finance, Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S1996