assembly Bill A9665A

2019-2020 Legislative Session

Relates to establishing the New York public banking act

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Current Bill Status - In Assembly 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 (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 28, 2020 print number 9665a
Feb 28, 2020 amend (t) and recommit to banks
Feb 04, 2020 referred to banks

Co-Sponsors

A9665 - Details

See Senate Version of this Bill:
S5565
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §2, add Art 3-C §§156 - 156-h, Bank L; amd §98, St Fin L; amd §10, Gen Muni L

A9665 - 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.

A9665 - Bill Text download pdf


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

                                  9665

                          I N  A S S E M B L Y

                            February 4, 2020
                               ___________

Introduced by M. of A. ABINANTI -- read once and referred to the Commit-
  tee 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.
        156-B. INSURANCE.
        156-C. INCONSISTENCY WITH OTHER LAWS.
        156-D. RETAIL SERVICES.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

Co-Sponsors

A9665A (ACTIVE) - Details

See Senate Version of this Bill:
S5565
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §2, add Art 3-C §§156 - 156-h, Bank L; amd §98, St Fin L; amd §10, Gen Muni L

A9665A (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.

A9665A (ACTIVE) - Bill Text download pdf


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

                                 9665--A

                          I N  A S S E M B L Y

                            February 4, 2020
                               ___________

Introduced  by  M. of A. ABINANTI, JEAN-PIERRE -- read once and referred
  to the Committee on  Banks  --  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,
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.
  § 4. The banking law is amended by adding a new article 3-C to read as
follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets