assembly Bill A8857

2021-2022 Legislative Session

Establishes the state of New York public bank

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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 19, 2022 referred to banks

Co-Sponsors

A8857 (ACTIVE) - Details

See Senate Version of this Bill:
S1055
Current Committee:
Assembly Banks
Law Section:
State Finance Law
Laws Affected:
Add Art 17 §§254 - 277, St Fin L
Versions Introduced in 2019-2020 Legislative Session:
S9044

A8857 (ACTIVE) - Summary

Relates to establishing the state of New York public bank to use the state's depository assets to generate additional benefit for the people and the economy of the state.

A8857 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8857
 
                           I N  A S S E M B L Y
 
                             January 19, 2022
                                ___________
 
 Introduced  by  M. of A. PEOPLES-STOKES -- read once and referred to the
   Committee on Banks
 
 AN ACT to amend the state finance law, in relation to  establishing  the
   state of New York public bank; and providing for the repeal of certain
   provisions upon expiration thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The state finance law is amended by adding a new article 17
 to read as follows:
                                ARTICLE 17
                     STATE OF NEW YORK PUBLIC BANK ACT
 SECTION 254. LEGISLATIVE INTENT.
         255. DEFINITIONS.
         256. CREATION.
         257. COMMISSION.
         258. GOVERNANCE.
         259. DEPOSIT OF PUBLIC FUNDS.
         260. INVESTMENT OF STATE MONEYS.
         261. INFRASTRUCTURE LOANS.
         262. STUDENT LOANS.
         263. BUSINESS, NON-PROFIT AND INDIVIDUAL LOANS.
         264. TREASURY AND BANKING SERVICES.
         265. MANAGEMENT.
         266. ADVISORY BOARD.
         267. FINANCIAL REGULATION.
         268. REPORTING REQUIREMENTS.
         269. ETHICAL REQUIREMENTS.
         270. FEES AND TAXES.
         271. BANK RECORDS.
         272. CAPITALIZATION.
         273. PUBLIC DEPOSITARY.
         274. APPLICATION OF THIS CHAPTER TO THE PRESIDENT.
         275. CASH AND DEMAND DEPOSITS AVAILABLE.
         276. PERMITTED INVESTMENTS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.