Bill > A06409

This bill establishes the Bank of Rochester as a not-for-profit public bank owned solely by the City of Rochester, with a comprehensive set of provisions governing its creation, structure, and operations. The bank is designed to support local economic development by providing financial services that complement, but do not compete with, existing local financial institutions. Key provisions include a nine-member voting board of directors appointed by various local officials, with requirements for members to have community banking experience and independence, and a separate advisory board to provide guidance. The bank will be restricted from direct commercial lending and retail banking, instead focusing on wholesale lending, participation lending, and supporting local agencies and financial institutions. It will have the power to accept public deposits, sell bonds, and engage in infrastructure lending, while being exempt from various taxes and subject to strict transparency and ethical standards. The bank's policy mandate will be established by its board of directors and must be approved by city officials, with an emphasis on supporting initiatives like worker cooperatives, affordable housing, renewable energy, small businesses, and other public purpose projects. The bill also includes detailed provisions for the bank's governance, charter requirements, financial framework, reporting, and operational guidelines, ensuring robust oversight and alignment with public interests.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A6409