assembly Bill A9665D

2019-2020 Legislative Session

Relates to establishing the New York public banking act

download bill text pdf

Sponsored By

Current Bill Status - In Assembly Committee


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

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (11)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Aug 17, 2020 print number 9665e
Aug 17, 2020 amend and recommit to banks
Jul 14, 2020 print number 9665d
Jul 14, 2020 amend and recommit to banks
Jul 10, 2020 print number 9665c
Jul 10, 2020 amend and recommit to banks
Jul 08, 2020 print number 9665b
Jul 08, 2020 amend and recommit to banks
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

Current Committee:
Assembly 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

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 - Details

Current Committee:
Assembly 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

A9665A - 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 - 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

Co-Sponsors

A9665B - Details

Current Committee:
Assembly 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

A9665B - 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.

A9665B - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9665--B
 
                           I N  A S S E M B L Y
 
                             February 4, 2020
                                ___________
 
 Introduced by M. of A. ABINANTI, JEAN-PIERRE, KIM, FALL, EPSTEIN -- read
   once  and  referred to the Committee on Banks -- committee discharged,
   bill amended, ordered reprinted as amended  and  recommitted  to  said
   committee  --  again  reported  from  said  committee with amendments,
   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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

Co-Sponsors

A9665C - Details

Current Committee:
Assembly 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

A9665C - 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.

A9665C - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9665--C
 
                           I N  A S S E M B L Y
 
                             February 4, 2020
                                ___________
 
 Introduced by M. of A. ABINANTI, JEAN-PIERRE, KIM, FALL, EPSTEIN -- read
   once  and  referred to the Committee on Banks -- committee discharged,
   bill amended, ordered reprinted as amended  and  recommitted  to  said
   committee  --  again  reported  from  said  committee with amendments,
   ordered reprinted as amended and  recommitted  to  said  committee  --
   again  reported from said committee with amendments, 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

Co-Sponsors

view additional co-sponsors

A9665D - Details

Current Committee:
Assembly 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

A9665D - 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.

A9665D - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9665--D
 
                           I N  A S S E M B L Y
 
                             February 4, 2020
                                ___________
 
 Introduced by M. of A. ABINANTI, JEAN-PIERRE, KIM, FALL, EPSTEIN -- read
   once  and  referred to the Committee on Banks -- committee discharged,
   bill amended, ordered reprinted as amended  and  recommitted  to  said
   committee  --  again  reported  from  said  committee with amendments,
   ordered reprinted as amended and  recommitted  to  said  committee  --
   again  reported from said committee with amendments, 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.

Co-Sponsors

view additional co-sponsors

A9665E (ACTIVE) - Details

Current Committee:
Assembly 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

A9665E (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.

A9665E (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9665--E
 
                           I N  A S S E M B L Y
 
                             February 4, 2020
                                ___________
 
 Introduced  by  M.  of  A.  ABINANTI,  JEAN-PIERRE,  KIM, FALL, EPSTEIN,
   L. ROSENTHAL, ARROYO, BURKE, TAYLOR, STECK, SEAWRIGHT, FRONTUS, RODRI-
   GUEZ, RICHARDSON,  JACOBSON,  REYES,  GOTTFRIED,  ENGLEBRIGHT,  SIMON,
   ORTIZ,  PERRY,  NIOU,  BICHOTTE,  SOLAGES,  BRONSON, DINOWITZ, HUNTER,
   DICKENS -- read once and referred to the Committee on Banks -- commit-
   tee discharged, bill amended, ordered reprinted as amended and  recom-
   mitted  to  said  committee -- again reported from said committee with
   amendments, ordered reprinted  as  amended  and  recommitted  to  said
   committee  --  again  reported  from  said  committee with amendments,
   ordered reprinted as amended and  recommitted  to  said  committee  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee -- again reported  from  said  committee
   with  amendments, 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:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets