senate Bill S5565B

2019-2020 Legislative Session

Relates to establishing the New York public banking act

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Sponsored By

Current Bill Status - In Senate Committee Banks Committee


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

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Actions

view actions (6)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 26, 2020 print number 5565b
Jun 26, 2020 amend and recommit to banks
Feb 25, 2020 print number 5565a
Feb 25, 2020 amend (t) and recommit to banks
Jan 08, 2020 referred to banks
May 07, 2019 referred to banks

Co-Sponsors

S5565 - Details

See Assembly Version of this Bill:
A9665
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd §2, add Art 3-C §§156 - 156-j, Bank L; amd §98, St Fin L; amd §10, Gen Muni L

S5565 - Summary

Relates to establishing the New York public banking act; authorizes the lending of public credit to public banks and authorizes public ownership of stock in public banks for the purpose of achieving cost savings, strengthening local economies, supporting community economic development, and addressing infrastructure and housing needs for localities.

S5565 - Sponsor Memo

S5565 - Bill Text download pdf


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

                                  5565

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                               May 7, 2019
                               ___________

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

AN ACT to amend the banking law, the state finance law and  the  general
  municipal law, in relation to the establishment of public banks

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. It is the intent of the Legislature that this  act  author-
izes  the  lending of public credit to public banks and authorize public
ownership of stock in public banks for the  purpose  of  achieving  cost
savings,  strengthening  local  economies, supporting community economic
development, and addressing infrastructure and housing needs for locali-
ties.
  § 2. Subdivisions 1 and 11 of section 2 of the banking  law,  subdivi-
sion  1 as amended by chapter 684 of the laws of 1938 and subdivision 11
as amended by chapter 154 of the laws of 2007, are amended  to  read  as
follows:
  1. Bank. The term, "bank," when used in this chapter, unless a differ-
ent  meaning appears from the context, means any corporation, other than
a trust company, organized under or subject to the provisions of article
three OR THREE-C of this chapter.
  11. Banking organizations. The  term,  "banking  organizations,"  when
used  in  this  chapter,  means and includes all banks, trust companies,
private bankers, savings banks, safe deposit companies, savings and loan
associations,  credit  unions,  PUBLIC  BANKS  ORGANIZED  UNDER  ARTICLE
THREE-C OF THIS CHAPTER, and investment companies.
  § 3. The banking law is amended by adding a new article 3-C to read as
follows:
                               ARTICLE 3-C
                              PUBLIC BANKS
SECTION 156. DEFINITIONS.
        156-A. PUBLIC BENEFIT CORPORATIONS.

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

Co-Sponsors

view additional co-sponsors

S5565A - Details

See Assembly Version of this Bill:
A9665
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd §2, add Art 3-C §§156 - 156-j, Bank L; amd §98, St Fin L; amd §10, Gen Muni L

S5565A - Summary

Relates to establishing the New York public banking act; authorizes the lending of public credit to public banks and authorizes public ownership of stock in public banks for the purpose of achieving cost savings, strengthening local economies, supporting community economic development, and addressing infrastructure and housing needs for localities.

S5565A - Sponsor Memo

S5565A - Bill Text download pdf


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

                                 5565--A

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                               May 7, 2019
                               ___________

Introduced  by Sens. SANDERS, JACKSON, SALAZAR -- read twice and ordered
  printed, and when printed to be committed to the Committee on Banks --
  recommitted to the Committee on Banks in accordance with  Senate  Rule
  6,  sec. 8 -- committee discharged, bill amended, ordered reprinted as
  amended and recommitted to said committee

AN ACT to amend the banking law, the state finance law and  the  general
  municipal  law, in relation to establishing the "New York public bank-
  ing act"

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Short  title. This act shall be known and may be cited as
the "New York public banking act".
  § 2. It is the intent of the legislature that this act (i)  authorizes
the  lending  of  public  credit  to  public banks and authorizes public
ownership of stock in public banks for the  purpose  of  achieving  cost
savings,  strengthening  local  economies, supporting community economic
development, and addressing infrastructure and housing needs for locali-
ties; and (ii) codifies the common law interpretation of  the  New  York
state  constitution  that cities, counties, and other municipalities may
own stock in and lend money to private  corporations  so  long  as  such
actions are pursuant to a public purpose.
  §  3.  Subdivisions 1 and 11 of section 2 of the banking law, subdivi-
sion 1 as amended by chapter 684 of the laws of 1938 and subdivision  11
as  amended  by  chapter 154 of the laws of 2007, are amended to read as
follows:
  1. Bank. The term, "bank," when used in this chapter, unless a differ-
ent meaning appears from the context, means any corporation, other  than
a trust company, organized under or subject to the provisions of article
three OR THREE-C of this chapter.
  11.  Banking  organizations.  The  term, "banking organizations," when
used in this chapter, means and includes  all  banks,  trust  companies,

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

Co-Sponsors

view additional co-sponsors

S5565B (ACTIVE) - Details

See Assembly Version of this Bill:
A9665
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd §2, add Art 3-C §§156 - 156-j, Bank L; amd §98, St Fin L; amd §10, Gen Muni L

S5565B (ACTIVE) - Summary

Relates to establishing the New York public banking act; authorizes the lending of public credit to public banks and authorizes public ownership of stock in public banks for the purpose of achieving cost savings, strengthening local economies, supporting community economic development, and addressing infrastructure and housing needs for localities.

S5565B (ACTIVE) - Sponsor Memo

S5565B (ACTIVE) - Bill Text download pdf


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

                                 5565--B

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                               May 7, 2019
                               ___________

Introduced  by  Sens.  SANDERS, BENJAMIN, BIAGGI, JACKSON, KRUEGER, MAY,
  PARKER, RIVERA, SALAZAR -- read twice and ordered  printed,  and  when
  printed  to  be  committed to the Committee on Banks -- recommitted to
  the Committee on Banks in accordance with Senate Rule  6,  sec.  8  --
  committee  discharged,  bill amended, ordered reprinted as amended and
  recommitted to said committee -- committee discharged,  bill  amended,
  ordered reprinted as amended and recommitted to said committee

AN  ACT  to amend the banking law, the state finance law and the general
  municipal law, in relation to establishing the "New York public  bank-
  ing act"

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Short title. This act shall be known and may  be  cited  as
the "New York public banking act".
  §  2. It is the intent of the legislature that this act (i) authorizes
the lending of public credit  to  public  banks  and  authorizes  public
ownership  of  stock  in  public banks for the purpose of achieving cost
savings, strengthening local economies,  supporting  community  economic
development, and addressing infrastructure and housing needs for locali-
ties;  and  (ii)  codifies the common law interpretation of the New York
state constitution that cities, counties, and other  municipalities  may
own  stock  in  and  lend  money to private corporations so long as such
actions are pursuant to a public purpose.
  § 3. Subdivisions 1 and 11 of section 2 of the banking  law,  subdivi-
sion  1 as amended by chapter 684 of the laws of 1938 and subdivision 11
as amended by chapter 154 of the laws of 2007, are amended  to  read  as
follows:
  1. Bank. The term, "bank," when used in this chapter, unless a differ-
ent  meaning appears from the context, means any corporation, other than
a trust company, organized under or subject to the provisions of article
three OR THREE-C of this chapter.

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

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