Bill > A06268

This bill establishes the "New York Public Banking Act" to authorize municipal and local governments to create and control public banks. The legislation allows cities, counties, and other local governments to form public banks as not-for-profit corporations, limited liability companies, or business corporations, with the primary goals of achieving cost savings, strengthening local economies, supporting community economic development, and addressing infrastructure and housing needs. Key provisions include establishing a governance structure with a nine or eleven-member board that must reflect the population's diversity, with members appointed by local government officials and required to have community banking experience. The public banks would have broad powers to provide financial services, with a mandate to prioritize loans to worker cooperatives, community land trusts, affordable housing, renewable energy, small businesses, minority-owned enterprises, and underserved communities. The bill exempts public banks from certain state and local taxes, allows them to raise capital through various means, and permits local governments to invest in and lend credit to these banks. Additionally, the legislation includes provisions to prevent conflicts of interest, ensure ethical operations, and prohibit investments in certain industries like fossil fuels, weapons, and private prisons, as determined by the sponsoring local government.