Assembly Actions -
Senate Actions - UPPERCASE
|Jan 05, 2022||
referred to banks
|Mar 15, 2021||
referred to banks
Senate Bill S5643
2021-2022 Legislative Session
Archive: Last Bill Status - In Senate Committee Banks Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2021-S5643 (ACTIVE) - Details
2021-S5643 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5643 SPONSOR: PARKER TITLE OF BILL: An act to amend the banking law, in relation to establishing the office of financial resilience PURPOSE OR GENERAL IDEA OF THE BILL: Create a new Section 46, under Article 2 of the Banking Law, to direct the Department of Financial Services to establish a "Chief Financial Resilience Officer" and "Chief Cooperative Economist", who will create and develop new programs at the Department of Financial Services that help communities build resilient local economies based on cooperative and peer-to-peer economic models. SUMMARY OF SPECIFIC PROVISIONS: Section 1: will set forth the creation of the "Chief Financial Resili- ence Officer" and "Chief Cooperative Economist" roles at the Department
2021-S5643 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5643 2021-2022 Regular Sessions I N S E N A T E March 15, 2021 ___________ Introduced by Sen. PARKER -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend the banking law, in relation to establishing the office of financial resilience THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The banking law is amended by adding a new section 46 to read as follows: § 46. OFFICE OF FINANCIAL RESILIENCE. 1. THERE IS HEREBY ESTABLISHED WITHIN THE DEPARTMENT THE OFFICE OF FINANCIAL RESILIENCE. THE SUPER- INTENDENT SHALL APPOINT THE CHIEF FINANCIAL RESILIENCE OFFICER AND CHIEF COOPERATIVE ECONOMIST WHO SHALL APPOINT STAFF AND PERFORM SUCH OTHER FUNCTIONS TO ENSURE THE EFFICIENT OPERATION OF THE OFFICE WITHIN THE AMOUNTS MADE AVAILABLE THEREFOR BY APPROPRIATION. 2. THE OFFICE OF FINANCIAL RESILIENCE SHALL HAVE THE POWER AND RESPON- SIBILITY TO: (A) DEVELOP AND IMPLEMENT NEW PROGRAMS AND INITIATIVES FOR THE PURPOSE OF SUPPORTING LOCAL ECONOMIES AND PROMOTING RESILIENT FINANCIAL MODELS. SUCH PROGRAMS AND INITIATIVES SHALL ASSIST LOCAL COMMUNITIES IN: (I) CREATING COMMUNITY CURRENCIES; (II) BUILDING BLOCKCHAIN-BACKED SOLUTIONS TO SUPPORT LOCAL GROWTH; (III) LEARNING HOW TO IMPLEMENT COOPERATIVE AND PEER-TO-PEER ECONO- MIES; (IV) IMPLEMENTING STRATEGIES THAT WILL HELP COMMUNITIES CONNECT UNMET NEEDS WITH RESOURCES; AND (V) COORDINATING EFFORTS TO TURN STUDENT DEBT INTO FUNCTIONING CURREN- CIES; (B) CONDUCT WORKSHOPS ON FINANCIAL TOPICS AND OFFER FINANCIAL ASSIST- ANCE AND GUIDANCE TO LOCAL COMMUNITIES INTERESTED IN BUILDING COOPER- ATIVE AND PEER-TO-PEER SYSTEMS; AND (C) ADVOCATE ON BEHALF OF BLOCKCHAIN STARTUPS AND COMPANIES FOCUSED ON BUILDING AND SUPPORTING LOCAL ECONOMIES. § 2. This act shall take effect immediately.
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