|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|May 14, 2014||referred to banks|
senate Bill S7416
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S7416 - Details
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
BILL NUMBER:S7416 TITLE OF BILL: An act to establish a commission to study the feasibil- ity of establishing 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 PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to estab- lish a commission to study the feasibility of establishing a bank owned by the state of New York and report thereon within 2 years. SUMMARY OF PROVISIONS: Section 1. Creates the New York State Commission on Establishing a Bank Owned by New York State, known as the Commission. This study will analyze 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. Section 2. a. The Commission should include 15 members: (i-vi) Six are appointed by the Governor of which, one shall be a repre- sentative of the New York State Banking Department, one shall represent the New York State Department of Taxation and Finance and the remaining four shall be employees of the Executive Branch and at least one must represent the banking and financial industries, and at least one shall
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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