senate Bill S7416

2013-2014 Legislative Session

Establishes a commission to study the feasibility of establishing a bank owned by the state of New York and report thereon within 2 years

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 14, 2014 referred to banks

Co-Sponsors

S7416 - Details

See Assembly Version of this Bill:
A1696
Current Committee:
Law Section:
Banks
Versions Introduced in 2011-2012 Legislative Session:
A6737

S7416 - Summary

Establishes a commission to study the feasibility of establishing a bank owned by the state of New York or an authority constituted by the state of New York and report thereon.

S7416 - Sponsor Memo

S7416 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7416

                            I N  S E N A T E

                              May 14, 2014
                               ___________

Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
  printed to be committed to the Committee on Banks

AN ACT to establish a commission to study the feasibility of  establish-
  ing  a  bank  owned  by the state of New York or by a public authority
  constituted by the state of New York; 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 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.
  S  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 banking department, 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  repre-
sent  community  banking, and no more than one member may be a represen-
tative of any financial services firm located within the state,  includ-
ing,  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;
  (iv) one member shall be appointed  by  the  minority  leader  of  the
senate;
  (v)  three  members shall be appointed by the speaker of the assembly,
one of whom shall be a member of the assembly; and

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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