Assembly Bill A2720A

2023-2024 Legislative Session

Establishes a temporary state commission to conduct a feasibility study on the formation and control of a state public bank

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Sponsored By

Current Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

2023-A2720 - Details

Current Committee:
Assembly Banks
Law Section:
Banks
Versions Introduced in 2021-2022 Legislative Session:
A9711

2023-A2720 - Summary

Establishes a temporary state commission to conduct a feasibility study to evaluate and make recommendations concerning the formation and control of a state public bank; provides if such study finds that the state bank is feasible, the commission may recommend legislation to create a state public bank for New York.

2023-A2720 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2720
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 26, 2023
                                ___________
 
 Introduced  by  M. of A. PEOPLES-STOKES -- read once and referred to the
   Committee on Banks
 
 AN ACT establishing a commission to determine  what  benefits  a  public
   bank or network of public banks owned by the state of New York or by a
   public authority constituted by the state of New York can provide; and
   providing for the repeal of such provisions upon expiration thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. A temporary state commission, to be known as the  New  York
 state commission on establishing a bank owned by New York state, herein-
 after  referred  to  as  the commission, is hereby established to hire a
 consultant to study the feasibility of establishing a bank owned by  the
 state  of  New York or by a public authority constituted by the state of
 New York for the public interest.
   § 2. (a) The commission  shall  consist  of  fifteen  members,  to  be
 appointed as follows:(i) six members shall be appointed by the governor,
 one  of  whom shall be a representative of the New York state department
 of financial services, one shall be a representative from the  New  York
 state  department of taxation and finance, the remaining four governor's
 appointees shall not be employees of the executive branch and  at  least
 one  member  shall represent the banking and financial industries of the
 state including, but not limited to, the New York  bankers  association,
 at  least  one  member   shall represent community  banking, and no more
 than one member may be a representative of any financial  services  firm
 located  within  the state,  including, but not limited to, the New York
 state small business development center;
   (ii) one member shall be the New York state comptroller or  the  comp-
 troller's designee;
   (iii)  three  members shall be appointed by the temporary president of
 the senate, one of whom shall be a member of the senate;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02072-01-3
 A. 2720                             2
              

co-Sponsors

2023-A2720A - Details

Current Committee:
Assembly Banks
Law Section:
Banks
Versions Introduced in 2021-2022 Legislative Session:
A9711

2023-A2720A - Summary

Establishes a temporary state commission to conduct a feasibility study to evaluate and make recommendations concerning the formation and control of a state public bank; provides if such study finds that the state bank is feasible, the commission may recommend legislation to create a state public bank for New York.

2023-A2720A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2720--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 26, 2023
                                ___________
 
 Introduced  by  M.  of  A.  PEOPLES-STOKES,  LEVENBERG  -- read once and
   referred to the Committee  on  Banks  --  committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee
 
 AN ACT establishing a commission to determine  what  benefits  a  public
   bank or network of public banks owned by the state of New York or by a
   public authority constituted by the state of New York can provide; and
   providing for the repeal of such provisions upon expiration thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. A temporary state commission, to be known as the  New  York
 state commission on establishing a bank owned by New York state, herein-
 after  referred  to  as  the commission, is hereby established to hire a
 consultant to study the feasibility of establishing a bank owned by  the
 state  of  New York or by a public authority constituted by the state of
 New York for the public interest.
   § 2. (a) The commission shall  consist  of  fourteen  members,  to  be
 appointed as follows:(i) six members shall be appointed by the governor,
 one  of  whom shall be a representative of the New York state department
 of financial services, one shall be a representative from the  New  York
 state  department of taxation and finance, the remaining four governor's
 appointees shall not be employees of the executive branch and  at  least
 one  member  shall represent the banking and financial industries of the
 state including, but not limited to, the New York  bankers  association,
 at  least  one  member   shall represent community  banking, and no more
 than one member may be a representative of any financial  services  firm
 located  within  the state,  including, but not limited to, the New York
 state small business development center;
   (ii) three members shall be appointed by the  temporary  president  of
 the senate, one of whom shall be a member of the senate;

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02072-03-3
 A. 2720--A                          2
              

co-Sponsors

2023-A2720B (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banks
Versions Introduced in 2021-2022 Legislative Session:
A9711

2023-A2720B (ACTIVE) - Summary

Establishes a temporary state commission to conduct a feasibility study to evaluate and make recommendations concerning the formation and control of a state public bank; provides if such study finds that the state bank is feasible, the commission may recommend legislation to create a state public bank for New York.

2023-A2720B (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2720--B
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 26, 2023
                                ___________
 
 Introduced by M. of A. PEOPLES-STOKES, LEVENBERG, MEEKS -- read once and
   referred  to  the  Committee  on  Banks  -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee -- recommitted to the Committee on Banks in accordance with Assem-
   bly  Rule  3,  sec.  2  -- committee discharged, bill amended, ordered
   reprinted as amended and recommitted to said committee
 
 AN ACT establishing a commission to determine  what  benefits  a  public
   bank or network of public banks owned by the state of New York or by a
   public authority constituted by the state of New York can provide; and
   providing for the repeal of such provisions upon expiration thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. A temporary state commission, to be known as the  New  York
 state commission on establishing a bank owned by New York state, herein-
 after  referred  to  as  the commission, is hereby established to hire a
 consultant to study the feasibility of establishing a bank owned by  the
 state  of  New York or by a public authority constituted by the state of
 New York for the public interest.
   § 2. (a) The  commission  shall  consist  of  eleven  members,  to  be
 appointed  as  follows:(i) five members shall be appointed by the gover-
 nor, one of whom shall be a representative of the New York state depart-
 ment of financial services, one shall be a representative from  the  New
 York  state  department  of  taxation  and  finance, the remaining three
 governor's appointees shall not be employees of the executive branch and
 at least one member shall represent the banking and financial industries
 of the state including, but not limited to, the New York bankers associ-
 ation, at least one member  shall represent community   banking, and  no
 more  than  one member may be a representative of any financial services
 firm located within the state,  including, but not limited to,  the  New
 York state small business development center;

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02072-07-4
 A. 2720--B                          2
              

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