Bill > A06308

This bill establishes a temporary state commission to conduct a comprehensive feasibility study on creating a state-owned public bank in New York. The commission will consist of 11 members appointed by the governor, senate president, and assembly speaker, representing various government departments, banking industries, and financial sectors. The commission is directed to hire a consultant with experience in public bank feasibility studies to evaluate the potential benefits, challenges, and implications of establishing a state public bank. The study will examine numerous aspects including economic development, infrastructure, governance structures, financial frameworks, impacts on small businesses (especially minority and women-owned enterprises), effects on unbanked and underbanked populations, potential banking for emerging industries like cannabis, and legal compliance with state constitution. The commission must submit a detailed report to key state leadership within 6-7 months of the act's effective date, which will be published on the department of financial services' website. If the study finds a state public bank feasible, the commission may recommend specific legislation for creating such a bank. The act will automatically expire one year after its effective date, making it a time-limited exploratory initiative to assess the potential of a New York state public bank.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A6308