NY State Senate Bill 2019-S2115B

Archive: Last Bill Status - Stricken

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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Feb 21, 2020	recommit, enacting clause stricken
Jan 08, 2020	referred to finance returned to senate died in assembly
Jun 13, 2019	referred to ways and means delivered to assembly passed senate
May 07, 2019	amended on third reading (t) 2115b
Apr 29, 2019	amended on third reading (t) 2115a
Mar 26, 2019	ordered to third reading cal.337 committee discharged and committed to rules
Jan 22, 2019	referred to finance

Votes

- Jun 13, 2019 - Floor Vote
  S2115B
  
  43
  
  Aye
  
  19
  
  Nay
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 13, 2019
      
      aye (43)
      
      Addabbo Jr.
      
      Bailey
      
      Benjamin
      
      Biaggi
      
      Breslin
      
      Brooks
      
      Carlucci
      
      Comrie
      
      Felder
      
      Gaughran
      
      Gianaris
      
      Gounardes
      
      Harckham
      
      Hoylman-Sigal
      
      Jackson
      
      Kaminsky
      
      Kaplan
      
      Kavanagh
      
      Kennedy
      
      Krueger
      
      Lanza
      
      Liu
      
      Martinez
      
      May
      
      Mayer
      
      Metzger
      
      Montgomery
      
      Myrie
      
      Parker
      
      Persaud
      
      Ramos
      
      Ranzenhofer
      
      Rivera
      
      Robach
      
      Salazar
      
      Sanders Jr.
      
      Savino
      
      Sepúlveda
      
      Serrano
      
      Skoufis
      
      Stavisky
      
      Stewart-Cousins
      
      Thomas
      
      nay (19)
      
      Akshar
      
      Amedore
      
      Antonacci
      
      Boyle
      
      Flanagan
      
      Funke
      
      Gallivan
      
      Griffo
      
      Helming
      
      Jacobs
      
      Jordan
      
      LaValle
      
      Little
      
      O'Mara
      
      Ortt
      
      Ritchie
      
      Serino
      
      Seward
      
      Tedisco
  Mar 26, 2019 - Rules Committee Vote
  S2115B
  
  12
  
  Aye
  
  6
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Mar 26, 2019
      
      aye (12)
      
      Benjamin
      
      Breslin
      
      Comrie
      
      Gianaris
      
      Hoylman-Sigal
      
      Kennedy
      
      Krueger
      
      Liu
      
      Martinez
      
      Parker
      
      Savino
      
      Stewart-Cousins
      
      nay (6)
      
      Flanagan
      
      Griffo
      
      LaValle
      
      Lanza
      
      Little
      
      Seward
      
      aye wr (1)
      
      Robach

Bill Amendments

Original

B (Active)

co-Sponsors

2019-S2115 - Details

See Assembly Version of this Bill:: A6522
Law Section:: Banks
Versions Introduced in Other Legislative Sessions:: 2011-2012: A6737
2013-2014: S7416, A1696
2015-2016: S3260, A6110
2017-2018: S3172, A7545
2021-2022: A6808

2019-S2115 - Summary

Establishes the New York state commission on establishing a bank owned by New York state for purposes of determining 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 could provide for the New York State government, local governments, communities, private businesses, community banks, credit unions and people; requires publication of the commission's findings and recommendations.

2019-S2115 - Sponsor Memo

                                
 
BILL NUMBER: S2115

SPONSOR: SANDERS
 
TITLE OF BILL:  An act to establish a commission to study the feasi-
bility 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:

The purpose of this legislation is to establish a commission to study
the feasibility of establishing a bank owned by the state of New York or
designated agency.

 
SUMMARY OF PROVISIONS:

Section 1. A temporary state commission, to be known as the New York
State Commission on Establishing a Bank Owned by New York State, is
established to study the feasibility of a bank owned by New York State
or by a public authority constituted by the State of New York.

Section 2. a. The Commission shall consist of fifteen members. b. The
Governor shall designate one of his or her appointees as the chair of
the Commission. c. The members of the Commission shall be appointed no
later than 90 days after the effective date of this act.

Section 3. The Commission shall: (i) examine the technical, legal and
financial feasibility of establishing a state-owned bank; (ii) seek
participation in its deliberations from the president of the Federal
Reserve Bank of New York, or the president's designee; (iii) evaluate
the experiences of other states with state-owned banks; (iv) evaluate
the manner in which public funds are invested or deposited by the state
and its political subdivisions; (v) examine the infrastructure invest-
ment activities conducted by other states with state-owned banks; (vi)
examine the lending practices, including lending to support infrastruc-
ture, or the existing public agencies in the commonwealth that perform
lending services; (vii) investigate how a state bank can promote agri-
culture, education, community development, economic development,commerce
and industry within the State; (viii) hold at least three public hear-
ings in district geographic regions of the State; and (ix) publish its
findings and recommendations, together with drafts of legislation, if
any, necessary to carry those recommendations into effect, in a written
report not later than one year after the effective date of this act. The
report shall be published on the official website of the State.

Section 4. Establishes the effective date.

 
EXISTING LAW:

n/a

 
JUSTIFICATION:

This legislation is modeled upon 2010 legislation introduced in the
Connecticut State Legislature that created a Task Force to examine the
technical, legal, and financial feasibility of establishing a state-
owned bank for infrastructure purposes. The interest in exploring the
feasibility of state owned banks has grown because of the recent
national fiscal crisis including the bank bailouts and ongoing
recession, all of which has had detrimental impact on every state,
particularly New York. North Dakota is the exception; it is debt-free
and on strong fiscal footing. Many attribute North Dakota's sound econo-
my to its state-owned bank.

The Bank of North Dakota (BANK) was created in 1919 with the mission of
promoting agriculture, commerce and industry in North Dakota. The State
of North Dakota places all public revenues into the BANK, which are
governed by strict regulations. The BANK was not established to compete
with commercial or community banks so it partners with 100 other finan-
cial institutions to help the North Dakota citizenry. The BANK is an
economic development bank, helping large, small and medium sized busi-
nesses within the State. It also provides student loans and special
assistance to start-ups.

The BANK has emerged as a model for other states because it did not
engage in the risky financial strategies that contributed to catastroph-
ic bank failures throughout the country. Many candidates for public
office, from both political panics in states such as Oregon, Illinois,
California, Florida, Idaho, Vermont and Washington have proposed the
establishment of state-owned banks citing numerous advantages. For exam-
ple, state banks are depositories of public funds operating more conser-
vatively than for-profit banks, eschewing the riskier moneymaking
schemes. State-owned banks have a primary mission to develop the state
and local economy, investing in infrastructure and providing loans to
businesses, not to generate profits for shareholders.

This legislation creates a commission with a broad mandate. It will
examine all aspects of a state-owned bank, including how it can promote
the agriculture, education, economic development, commerce and industry
in New York State.

 
LEGISLATIVE HISTORY:

A. 1696 of 2013/2014 and; A. 6737 of 2011/2012

 
FISCAL IMPLICATIONS:

The fiscal implications associated with the passage of this legislation
at unknown at this time.

 
LOCAL FISCAL IMPLICATIONS:

n/a

 
EFFECTIVE DATE:
This act shall take effect immediately and shall expire and be deemed
repealed one year after such effective date.

2019-S2115 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2115
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 22, 2019
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Finance
 
 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.
   §  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;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00222-01-9

 S. 2115                             2
 
   (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
   (vi) one member shall be appointed  by  the  minority  leader  of  the
 assembly.
   b.  The  governor  shall designate one of his or her appointees as the
 chair of the commission.
   c. The members of the commission shall  be  appointed  no  later  than
 ninety days after the effective date of this act.
   § 3. The commission shall:
   (i)  examine  the technical, legal and financial feasibility of estab-
 lishing a state-owned bank, including but not limited to  a  state-owned
 bank for infrastructure investment purposes;
   (ii) seek participation in its deliberations from the president of the
 Federal Reserve Bank of New York or the president's designee;
   (iii) evaluate the experiences of other states with state-owned banks,
 identifying  the  financial performance of such banks and evaluating the
 lending practices of such banks to show whether such banks  successfully
 fill lending gaps not filled by the private sector;
   (iv)  evaluate the manner in which public funds are invested or depos-
 ited by the state and its political subdivisions including funds managed
 by the state comptroller including state and local pension funds;
   (v) examine the  infrastructure  investment  activities  conducted  by
 other states with state-owned banks;
   (vi)  examine  the  lending  practices,  including  lending to support
 infrastructure, of the existing public agencies in the commonwealth that
 perform lending services. Any other public authority in the  state  that
 lends  money  shall cooperate fully with the commission and shall supply
 information reasonably required by  the  commission  to  carry  out  its
 charge;
   (vii) investigate how a state bank can promote the agriculture, educa-
 tion, community development, economic development, commerce and industry
 within the state;
   (viii)  hold  at  least  three  public hearings in distinct geographic
 regions of the state; and
   (ix) publish its findings and recommendations, together with drafts of
 legislation, if any,  necessary  to  carry  those  recommendations  into
 effect,  in a written report not later than one year after the effective
 date of this act. The report shall be published on the official  website
 of  the  state,  and  shall  be  contemporaneously filed with the senate
 finance committee and the assembly ways and means committee.
   § 4. This act shall take effect immediately and shall  expire  and  be
 deemed repealed one year after such effective date.

co-Sponsors

2019-S2115A - Details

See Assembly Version of this Bill:: A6522
Law Section:: Banks
Versions Introduced in Other Legislative Sessions:: 2011-2012: A6737
2013-2014: S7416, A1696
2015-2016: S3260, A6110
2017-2018: S3172, A7545
2021-2022: A6808

2019-S2115A - Summary

2019-S2115A - Sponsor Memo

                                
 
BILL NUMBER: S2115A                REVISED 5/1/2019

SPONSOR: SANDERS
 
TITLE OF BILL:  An act to establish a commission to study what a
public bank owned by the state of New York or by a public authority
constituted by the state of New York can do; and providing for the
repeal of such provisions upon expiration thereof

 
PURPOSE:

The purpose of this legislation is to establish a commission to study
what a public bank owned by the state of New York or by a public author-
ity constituted by the state of New York can do; and providing for the
repeal of such provisions upon expiration thereof

 
SUMMARY OF PROVISIONS:

Section 1. A temporary state commission, to be known as the New York
State Commission on Establishing a Bank Owned by New York State, is
established to study what a public bank owned by New York State or by a
public authority constituted by the State of New York can do.

Section 2. a. The Commission shall consist of fifteen members:  includ-
ing the state comptroller; 5 appointed by the temporary president of the
senate; 2 by the senate minority leader; 5 by the speaker of the assem-
bly; and 2 by the assembly minority leader.

Section 3. The Commission shall: (a) examine the technical, legal and
financial aspects of establishing a state-owned bank;(b) evaluate the
experiences of other states with state-owned banks; and others.

Section 4: hold at least three public hearings in district geographic
regions of the State; and (ix) publish its findings and recommendations,
together with drafts of legislation, if any, necessary to carry those
recommendations into effect, in a written report not later than one year
after the effective date of this act. The report shall be published on
the official website of the State.

Section 5. Members receive no compensation except for necessary
expenses. Section 6. Establishes the effective date.

 
EXISTING LAW:

n/a

 
JUSTIFICATION:

This legislation is modeled upon 2010 legislation introduced in the
Connecticut State Legislature that created a Task Force to examine the
technical, legal, and financial feasibility of establishing a state-
owned bank for infrastructure purposes. The interest in exploring the
feasibility of state owned banks has grown because of the recent
national fiscal crisis including the bank bailouts and on going
recession, all of which has had detrimental impact on every state,
particularly New York. North Dakota is the exception; it is debt-free
and on strong fiscal footing. Many attribute North Dakota's sound econo-
my to its state-owned bank.


The Bank of North Dakota (BANK) was created in 1919 with the mission of
promoting agriculture, commerce and industry in North Dakota.  The State
of North Dakota places all public revenues into the BANK, which are
governed by strict regulations. The BANK was not established to compete
with commercial or community banks so it partners with 100 other finan-
cial institutions to help the North Dakota citizenry. The BANK is an
economic development bank, helping large, small and medium sized busi-
nesses within the State. It also provides student loans and special
assistance to start-ups.

The BANK has emerged as a model for other states because it did not
engage in the risky financial strategies that contributed to catastroph-
ic bank failures throughout the country. Many candidates for public
office, from both political panics in states such as Oregon, Illinois,
California, Florida, Idaho, Vermont and Washington have proposed the
establishment of state-owned banks citing numerous advantages. For exam-
ple, state banks are depositories of public funds operating more conser-
vatively than for-profit banks, eschewing the riskier moneymaking
schemes. State-owned banks have a primary mission to develop the state
and local economy, investing in infrastructure and providing loans to
businesses, not to generate profits for shareholders.

This legislation creates a commission with a broad mandate. It will
examine all aspects of a state-owned bank, including how it can promote
the agriculture, education, economic development, commerce and industry
in New York State.

 
LEGISLATIVE HISTORY:

Similar Bills:

2018:S.3172 PASSED SENATE; A.7545, referred to Banks;
2017:S.3172 REPORTED FROM BANKS; A.7545,referred to Banks;
2016:S.3260,REFERRED TO BANKS; A.6110,referred to Banks;
2015:S.3260,REFERRED TO BANKS; A.6110,referred to Banks;
2014:S.7416, REFERRED TO BANKS; A.1696,referred to Banks;
2013:A.1696; referred to Banks;
2011-12: A.6737, referred to Banks.

 
FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This act shall take effect immediately and shall expire and be deemed
repealed one year after such effective date.

2019-S2115A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2115--A
     Cal. No. 337
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 22, 2019
                                ___________
 
 Introduced  by Sens. SANDERS, SALAZAR -- read twice and ordered printed,
   and when printed to be  committed  to  the  Committee  on  Finance  --
   committee discharged and said bill committed to the Committee on Rules
   --  ordered to a third reading, amended and ordered reprinted, retain-
   ing its place in the order of third reading

 AN ACT to establish a commission to study what a public  bank  owned  by
   the  state  of  New  York  or by a public authority constituted by the
   state of New York can  do;  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 what
 a  public  bank  owned by the state of New York or by a public authority
 constituted by the state of New York can do.
   § 2. a. The  commission  shall  consist  of  fifteen  members,  to  be
 appointed as follows:
   (i)  one  member  shall be the New York state comptroller or the comp-
 troller's designee;
   (ii) five members shall be appointed by the temporary president of the
 senate, one of whom shall be a member of the senate;
   (iii) two members shall be appointed by the  minority  leader  of  the
 senate;
   (iv)  five  members shall be appointed by the speaker of the assembly,
 one of whom shall be a member of the assembly; and
   (v) two members shall be appointed  by  the  minority  leader  of  the
 assembly.
   b.  The  comptroller,  the  temporary president of the senate, and the
 speaker of the assembly shall designate one of  the  appointees  as  the
 chair of the commission.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

                       [ ] is old law to be omitted.
                                                            LBD00222-07-9

 S. 2115--A                          2
 
   c.  The  members  of  the  commission shall be appointed no later than
 ninety days after the effective date of this act.
   § 3. The commission shall:
   a.  examine the current laws and regulatory structures that need to be
 amended to create a public bank in New York state;
   b. evaluate the experiences of other states and countries with  state-
 owned  banks,  identifying  the  financial performance of such banks and
 evaluating the lending practices of such  banks  to  show  whether  such
 banks successfully fill lending gaps not filled by the private sector;
   c.  identify  changes to the current financial system that would maxi-
 mize the state's independence and free up capital for public priorities,
 including but not limited to:
   (i) a public bank model in which the state creates a  public  bank  to
 serve  its  own banking needs as currently provided by commercial banks;
 and
   (ii) a public bank model in which the state creates a public  bank  to
 serve  its  own  banking needs as currently provided by commercial banks
 and engages  in  supplemental  activities,  including  accepting  public
 deposits, accepting deposits from the general public, and issuing loans.
   d.  identify  steps  that can be taken immediately to further the ends
 identified in subdivision c of this section and to create a gradual plan
 under which the state could comply with both models listed in paragraphs
 (i) and (ii) of subdivision c of this section;
   e. seek participation in its deliberations from the president  of  the
 Federal Reserve bank of New York or such president's designee;
   f. examine the lending practices, including lending to support infras-
 tructure,  of  the  existing  public  agencies in the state that perform
 lending services. Any other public authority in  the  state  that  lends
 money  shall cooperate fully with the commission and shall supply infor-
 mation reasonably required by the commission to carry  out  its  charge;
 and
   g. examine the political, economic, and social climate of public banks
 world-wide,  and recommend safeguards to insulate a New York public bank
 from such conditions.
   § 4. The commission shall:
   a. hold at least three public hearings in distinct geographic  regions
 of the state; and
   b.  publish  its findings and recommendations, together with the draft
 of legislation necessary to carry those recommendations into effect,  in
 a  written  report  not  later than one year after the effective date of
 this act. The report shall be published on the official website  of  the
 state,  and  shall  be  contemporaneously  filed with the senate finance
 committee and the assembly ways and means committee.
   § 5. The members of the commission shall receive no  compensation  for
 their services, but shall be allowed their actual and necessary expenses
 incurred in the performance of their duties pursuant to this act.
   §  6.  This  act shall take effect immediately and shall expire and be
 deemed repealed one year after such effective date.

co-Sponsors

2019-S2115B (ACTIVE) - Details

See Assembly Version of this Bill:: A6522
Law Section:: Banks
Versions Introduced in Other Legislative Sessions:: 2011-2012: A6737
2013-2014: S7416, A1696
2015-2016: S3260, A6110
2017-2018: S3172, A7545
2021-2022: A6808

2019-S2115B (ACTIVE) - Summary

2019-S2115B (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S2115B

SPONSOR: SANDERS
 
TITLE OF BILL:  An act to establish 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 expi-
ration thereof

 
PURPOSE:

The purpose of this legislation is to establish a commission to deter-
mine 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

 
SUMMARY OF PROVISIONS:

Section 1. A temporary state commission, to be known as the New York
State Commission on establishing a Bank Owned by New York State, is

established to study what a public bank owned by New York State or by a
public authority constituted by the State of New York can do.

Section 2. a. The Commission shall consist of seventeen members: 8
appointed by the governor; the state comptroller; 3 appointed by the
temporary president of the senate; 1 by the senate minority leader; 3 by
the speaker of the assembly; and 1 by the assembly minority leader.

Section 3. The Commission shall: (a) examine the technical, legal and
financial aspects of establishing a state-owned bank;(b) evaluate the
experiences of other states with state-owned banks; and others.

Section 4: hold at least three public hearings in district geographic
regions of the State; and (ix) publish its findings and recommendations,
together with drafts of legislation, if any, necessary to carry those
recommendations into effect, in a written report not later than one year
after the effective date of this act. The report shall be published on
the official website of the State.

Section 5. Members receive no compensation except for necessary
expenses. The department of financial services shall provide staff and
other resources for the commission.

Section 6. Establishes the effective date.

 
EXISTING LAW: NIA

 
JUSTIFICATION:

This legislation is modeled upon 2010 legislation introduced in the
Connecticut State Legislature that created a Task Force to examine the
technical, legal, and financial feasibility of establishing a state-
owned bank for infrastructure purposes. The interest in exploring the
feasibility of state owned banks has grown because of the recent
national fiscal crisis including the bank bailouts and ongoing
recession, all of which has had detrimental impact on every state,
particularly New York. North Dakota is the exception; it is debt-free

and on strong fiscal footing. Many attribute North Dakota's sound econo-
my to its state-owned bank.

The Bank of North Dakota (BANK) was created in 1919 with the mission of
promoting agriculture, commerce and industry in North Dakota.  The State
of North Dakota places all public revenues into the BANK, which are
governed by strict regulations. The BANK was not established to compete
with commercial or community banks so it partners with 100 other finan-
cial institutions to help the North Dakota citizenry. The BANK is an
economic development bank, helping large, small and medium sized busi-
nesses within the State. It also provide s student loans and special
assistance to start-ups.

The BANK has emerged as a model for other states because it did not
engage in the risky financial strategies that contributed to catastroph-
ic bank failures throughout the country. Many candidates for public
office, from both political panics in states such as Oregon, Illinois,
California, Florida, Idaho, Vermont and Washington have proposed the
establishment of state-owned banks citing numerous advantages. For exam-
ple, state banks are depositories of public funds operating more conser-
vatively than for-profit banks, eschewing the riskier moneymaking
schemes. State-owned banks have a primary mission to develop the state
and local economy, investing in infrastructure and providing loans to
businesses, not to generate profits for shareholders.

This legislation creates a commission with a broad mandate. It will
examine all aspects of a state-owned bank, including how it can promote
the agriculture, education, economic development, commerce and industry
in New York State.

 
LEGISLATIVE HISTORY:

2011:A.6737 referred to banks
2012:A.6737 referred to banks
2013:S.7416 REFERRED TO BANKS;A.1696 Referred to banks
2014:S.7416 REFERRED TO BANKS;A.1696 referred to banks
2015:S.3260 REFERRED TO BANKS;A.6110 referred to banks
2016:S.3260 REFERRED TO BANKS;A.6110 referred to banks
2017: S.3172 REPORTED FROM BANKS AND COMMITTED TO RULES; A.7545 referred
to banks
2018: S.3172 PASSED SENATE; A.7545 referred to banks

 
FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This act shall take effect immediately and shall expire and be deemed
repealed one year after such effective date.

2019-S2115B (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2115--B
     Cal. No. 337
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 22, 2019
                                ___________
 
 Introduced  by Sens. SANDERS, KRUEGER, SALAZAR -- read twice and ordered
   printed, and when printed to be committed to the Committee on  Finance
   --  committee  discharged  and said bill committed to the Committee on
   Rules -- ordered to a third reading, amended  and  ordered  reprinted,
   retaining its place in the order of third reading -- again amended and
   ordered reprinted, retaining its place in the order of third reading
 
 AN  ACT  to  establish  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  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 could provide for the New York state government, local govern-
 ments, communities, private businesses, community banks,  credit  unions
 and people.
   §  2.  a.  The  commission  shall  consist of seventeen members, to be
 appointed as follows:
   (i) eight 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  depart-
 ment  of  taxation  and finance, the remaining six governor's appointees
 shall not be employees of the executive branch and at least  one  member
 shall represent the banking and financial industries;
   (ii)  one  member shall be the New York state comptroller or the comp-
 troller's designee;

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

                                                            LBD00222-08-9

 S. 2115--B                          2
 
   (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
   (vi)  one  member  shall  be  appointed  by the minority leader of the
 assembly.
   b. The governor shall designate one of his or her  appointees  as  the
 chair of the commission.
   c.  The  members  of  the  commission shall be appointed no later than
 ninety days after the effective date of this act.
   § 3. The commission shall:
   a. determine what the existing laws and  regulatory  structures  would
 need to be amended to create a public bank in New York state;
   b.  evaluate the experiences of other states and countries with state-
 owned banks, identifying the financial performance  of  such  banks  and
 evaluating  the  lending  practices  of  such banks to show whether such
 banks successfully fill lending gaps not filled by the private sector;
   c. identify changes to the current financial system that  would  maxi-
 mize the state's independence and free up capital for public priorities,
 including but not limited to:
   (i)  a  public  bank model in which the state creates a public bank to
 serve its own banking needs as currently provided by  commercial  banks;
 and
   (ii)  a  public bank model in which the state creates a public bank to
 serve its own banking needs as currently provided  by  commercial  banks
 and  engages  in  supplemental  activities,  including  accepting public
 deposits, accepting deposits from the general public, and issuing loans.
   d. identify steps that can be taken immediately to  further  the  ends
 identified in subdivision c of this section and to create a gradual plan
 under which the state could comply with both models listed in paragraphs
 (i) and (ii) of subdivision c of this section;
   e.    examine  the  lending  practices,  including  lending to support
 infrastructure, of the  existing  public  agencies  in  the  state  that
 perform  lending  services. Any other public authority in the state that
 lends money shall cooperate fully with the commission and  shall  supply
 information  reasonably  required  by  the  commission  to carry out its
 charge;
   f. determine the benefits with respect to the availability of afforda-
 ble credit; job and wealth creation; the diminishment of racial,  gender
 and other social disparities in economic outcomes; and any other benefit
 that  the commission deems appropriate that a state-owned public bank or
 network of locally-controlled public banks could provide  to:  New  York
 state  government;  industry,  including  agriculture; small businesses;
 local governments; communities; credit unions and community  banks;  and
 people; and
   g. examine the political, economic, and social climate of public banks
 world-wide,  and recommend safeguards to insulate a New York public bank
 from such conditions.
   § 4. The commission shall:
   a. hold at least three public hearings in distinct geographic  regions
 of the state; and
   b.  publish  its findings and recommendations, together with the draft
 of legislation necessary to carry those recommendations into effect,  in
 a  written  report  not  later than one year after the effective date of

 S. 2115--B                          3
 
 this act. The report shall be published on the official website  of  the
 state,  and  shall  be  contemporaneously  filed with the senate finance
 committee and the assembly ways and means committee.
   §  5.  The members of the commission shall receive no compensation for
 their services, but shall be allowed their actual and necessary expenses
 incurred in the performance of their duties pursuant to this act.    The
 department of financial services shall provide staff and other resources
 to the commission.
   §  6.  This  act shall take effect immediately and shall expire and be
 deemed repealed one year after such effective date.

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Senate Bill S2115B

Sponsored By

Archive: Last Bill Status - Stricken

Jun 13, 2019 - Floor Vote

Floor Vote: Jun 13, 2019

Mar 26, 2019 - Rules Committee Vote

Rules Committee Vote: Mar 26, 2019

Bill Amendments

co-Sponsors

2019-S2115 - Details

2019-S2115 - Summary

2019-S2115 - Sponsor Memo

2019-S2115 - Bill Text download pdf

co-Sponsors

2019-S2115A - Details

2019-S2115A - Summary

2019-S2115A - Sponsor Memo

2019-S2115A - Bill Text download pdf

co-Sponsors

2019-S2115B (ACTIVE) - Details

2019-S2115B (ACTIVE) - Summary

2019-S2115B (ACTIVE) - Sponsor Memo

2019-S2115B (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S2115B

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Sponsored By

Archive: Last Bill Status - Stricken

Bill Amendments

co-Sponsors

2019-S2115 - Details

2019-S2115 - Summary

2019-S2115 - Sponsor Memo

2019-S2115 - Bill Text download pdf

co-Sponsors

2019-S2115A - Details

2019-S2115A - Summary

2019-S2115A - Sponsor Memo

2019-S2115A - Bill Text download pdf

co-Sponsors

2019-S2115B (ACTIVE) - Details

2019-S2115B (ACTIVE) - Summary

2019-S2115B (ACTIVE) - Sponsor Memo

2019-S2115B (ACTIVE) - Bill Text download pdf

Comments