Assembly Actions -
Senate Actions - UPPERCASE
|Jan 05, 2022
referred to finance
|Apr 05, 2021
referred to finance
Senate Bill S6073
2021-2022 Legislative Session
Archive: Last Bill Status - In Senate Committee Finance Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2021-S6073 (ACTIVE) - Details
2021-S6073 (ACTIVE) - Summary
Establishes the empire state inclusive value ledger establishment and administration act to create a master account and system of individual wallets to make and receive payments to state entities and residents of the state; authorizes the disbursement of a portion of unclaimed remittances to workers who have been furloughed or unable to work due to Coronavirus.
2021-S6073 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6073 SPONSOR: SALAZAR TITLE OF BILL: An act to amend the state finance law, the financial services law and the New York state urban development corporation act, in relation to establishing the empire state inclusive value ledger establishment and administration act PURPOSE OR GENERAL IDEA OF BILL: The bill seeks to establish the Empire State Inclusive Value Ledger, or Inclusive Value Ledger (IVL) for short, as a solution for providing a publicly-run, not-for-profit means for value-creating activities to be remunerated and for un- and underbanked New Yorkers to be included in the broader state economy. SUMMARY OF PROVISIONS: Section 1 provides the short title and citation of the bill as the
2021-S6073 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6073 2021-2022 Regular Sessions I N S E N A T E April 5, 2021 ___________ Introduced by Sen. SALAZAR -- read twice and ordered printed, and when printed to be committed to the Committee on Finance AN ACT to amend the state finance law, the financial services law and the New York state urban development corporation act, in relation to establishing the empire state inclusive value ledger establishment and administration act THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. This act shall be known and may be cited as the "empire state inclusive value ledger establishment and administration act". § 2. Legislative intent. Many New Yorkers, be they individuals or small businesses, lack access to retail banking services that can enable them to accumulate, store, and transfer value in simple commercial, financial, testamentary and gift transactions on non-exploitative terms. Many New Yorkers also lack access to basic retail payment services that can enable them to exchange value for value in retail and other trans- actions on non-exploitative terms. The aforementioned failures of access operate not only to marginalize and exclude large numbers of New Yorkers from ordinary interactions of the kind that underwrite full membership in society, but also to impede or obstruct multiple commercial and other transactions that determine the size and scope of the state's economy and the prosperity of its residents. Since a money or currency is what 'counts' in a system of value accounting, storage, and payment, the aforementioned failures of access also operate to limit the state and its localities' aggregate currency supplies, which in turn prevents the remuneration of many value-adding activities, including care of the needy, maintenance of local infrastructures, and provision of other public goods. As a result, the failures of access discourage such valu- able activities from being undertaken at all. A system of individual digital wallets or payment accounts, linked to a single master account that enables payments to move between such indi- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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