Bill > A07306

This bill establishes a temporary New York State Public Bank Commission comprising thirteen members appointed by the governor, senate president, assembly speaker, and state comptroller to conduct a comprehensive feasibility study on creating a state-owned public bank. The commission will hire a consultant to evaluate the potential formation of a public bank, examining various aspects including its purposes, economic impacts, governance structures, financial frameworks, and potential benefits to small businesses, minority-owned enterprises, and underbanked populations. The study will analyze cost savings, economic development potential, infrastructure needs, legal compliance, risk management, and social and environmental benefits, drawing from previous public bank feasibility studies in other jurisdictions like Philadelphia and San Francisco. The commission is required to submit a detailed report within 6-7 months of the bill's effective date, including legislative recommendations, and the bill appropriates $500,000 to fund the study. The commission and the bill itself will expire one year after taking effect, providing a time-limited exploration of the state public bank concept.

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https://www.nysenate.gov/legislation/bills/2025/A7306