assembly Bill A8290A

2021-2022 Legislative Session

Establishes 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 (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 10, 2022 print number 8290a
May 10, 2022 amend and recommit to banks
Jan 05, 2022 referred to banks
Oct 06, 2021 referred to banks

Co-Sponsors

view additional co-sponsors

A8290 - Details

See Senate Version of this Bill:
S1762
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §2, add Art 3-C §§156 - 156-i, Bank L; amd §98, St Fin L; amd §10, Gen Muni L
Versions Introduced in 2019-2020 Legislative Session:
S5565

A8290 - Summary

Establishes the "New York public banking act"; authorizes municipal and other local governments to form and control public banks through the ownership of capital stock or other ownership interests, and to loan or grant public funds or lend public credit to such public banks for the public purposes of achieving cost savings, strengthening local economies, supporting community economic development, and addressing infrastructure and housing needs for localities.

A8290 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8290
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              October 6, 2021
                                ___________
 
 Introduced  by  M. of A. FAHY -- read once and referred to the Committee
   on Banks
 
 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
 municipal  and  other local governments to form and control public banks
 through the ownership of capital stock or other ownership interests, and
 to loan or grant public funds or lend public credit to such public banks
 for the public purposes of achieving cost savings,  strengthening  local
 economies,  supporting  community  economic  development, and addressing
 infrastructure and housing needs for localities; and (ii)  codifies  the
 common  law  interpretation  of  the  New  York  state constitution that
 cities, counties, and other municipalities may own stock or other owner-
 ship interests in, and lend or grant money to, public and private corpo-
 rations, limited liability companies or not-for-profit corporations,  so
 long as such actions are pursuant to public purposes.
   §  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.

Co-Sponsors

view additional co-sponsors

A8290A (ACTIVE) - Details

See Senate Version of this Bill:
S1762
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §2, add Art 3-C §§156 - 156-i, Bank L; amd §98, St Fin L; amd §10, Gen Muni L
Versions Introduced in 2019-2020 Legislative Session:
S5565

A8290A (ACTIVE) - Summary

Establishes the "New York public banking act"; authorizes municipal and other local governments to form and control public banks through the ownership of capital stock or other ownership interests, and to loan or grant public funds or lend public credit to such public banks for the public purposes of achieving cost savings, strengthening local economies, supporting community economic development, and addressing infrastructure and housing needs for localities.

A8290A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8290--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              October 6, 2021
                                ___________
 
 Introduced  by  M. of A. FAHY, SOLAGES, DAVILA, GALLAGHER, J. D. RIVERA,
   GONZALEZ-ROJAS, STERN, JEAN-PIERRE, MAMDANI, DICKENS, FRONTUS,  REYES,
   GALEF, SIMON, HUNTER, ENGLEBRIGHT, LUNSFORD, JACOBSON, FALL, DINOWITZ,
   MITAYNES,   THIELE,   BICHOTTE HERMELYN,   BURKE,  GOTTFRIED,  HEVESI,
   L. ROSENTHAL, BURGOS, BRONSON,  AUBRY,  EPSTEIN,  MONTESANO,  CARROLL,
   ROZIC,  ANDERSON,  FERNANDEZ,  SEPTIMO,  TAYLOR, NIOU, BURDICK, QUART,
   FORREST, OTIS, KIM, CLARK, SILLITTI, COLTON,  CRUZ,  SAYEGH,  JACKSON,
   SEAWRIGHT,  GLICK,  BARNWELL, KELLES, TAPIA, CUNNINGHAM, MEEKS -- read
   once and referred to the Committee on  Banks  --  recommitted  to  the
   Committee  on  Banks  in  accordance  with  Assembly Rule 3, sec. 2 --
   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
 municipal and other local governments to form and control  public  banks
 through the ownership of capital stock or other ownership interests, and
 to loan or grant public funds or lend public credit to such public banks
 for  the  public purposes of achieving cost savings, strengthening local
 economies, supporting community  economic  development,  and  addressing
 infrastructure  and  housing needs for localities; and (ii) codifies the
 common law interpretation  of  the  New  York  state  constitution  that
 cities, counties, and other municipalities may own stock or other owner-
 ship interests in, and lend or grant money to, public and private corpo-
 rations,  limited liability companies or not-for-profit corporations, so
 long as such actions are pursuant to public purposes.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01784-05-2