senate Bill S8449B

2021-2022 Legislative Session

Establishes a temporary state commission to conduct a feasibility study on the formation and control of a state public bank

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Current Bill Status - Passed Senate


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

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Actions

view actions (10)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 02, 2022 referred to banks
ordered to third reading cal.1901
committee discharged and committed to rules
Jun 03, 2022 delivered to assembly
passed senate
May 31, 2022 print number 8449b
May 31, 2022 amend (t) and recommit to finance
May 20, 2022 print number 8449a
May 20, 2022 amend (t) and recommit to finance
Mar 02, 2022 referred to finance

S8449 - Details

See Assembly Version of this Bill:
A9711
Current Committee:
Assembly Banks
Law Section:
Banks

S8449 - Summary

Establishes a temporary state commission to conduct a feasibility study to evaluate and make recommendations concerning the formation and control of a state public bank; provides if such study finds that the state bank is feasible, the legislature shall consider legislation to create a state public bank for New York.

S8449 - Sponsor Memo

S8449 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8449
 
                             I N  S E N A T E
 
                               March 2, 2022
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Finance
 
 AN ACT authorizing the department of financial  services  to  conduct  a
   feasibility  study to evaluate and make recommendations concerning the
   formation and control of a state public bank for New York;  making  an
   appropriation   therefor;   and  providing  for  the  repeal  of  such
   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 superintendent of the department of financial services
 is directed to hire a reputable consultant that has the capacity,  capa-
 bility,  and  experience  to conduct a feasibility study to evaluate and
 make recommendations concerning the formation and  control  of  a  state
 public  bank.  Consultants  that  have  conducted a previous feasibility
 study of a public bank at the request of  a  government  entity  in  the
 United  States  will  be given preference. Should such study find that a
 state bank in New York is feasible, the Legislature  shall  pass  legis-
 lation to create a state public bank for New York.
   §  2.  The scope of such study shall include, but shall not be limited
 to:
   (a) the purposes of such public bank;
   (b) an analysis of cost savings,  impacts  on  the  state's  finances,
 economic development and infrastructure, housing and additional needs of
 the state, including but not limited to:
   (i) appropriate governance structures;
   (ii) minimum capitalization requirements;
   (iii) appropriate insurance and risk management tools;
   (iv) charter requirements;
   (v) financial and operations framework;
   (vi) deposits;
   (vii) permitted activities;
   (viii) benefits;
   (ix) potential challenges that such public banks may encounter;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11521-04-2

S8449A - Details

See Assembly Version of this Bill:
A9711
Current Committee:
Assembly Banks
Law Section:
Banks

S8449A - Summary

Establishes a temporary state commission to conduct a feasibility study to evaluate and make recommendations concerning the formation and control of a state public bank; provides if such study finds that the state bank is feasible, the legislature shall consider legislation to create a state public bank for New York.

S8449A - Sponsor Memo

S8449A - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8449--A
 
                             I N  S E N A T E
 
                               March 2, 2022
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to  the  Committee  on  Finance  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee
 
 AN  ACT  establishing  a  commission to determine what benefits a public
   bank or network of public banks owned by the state of New York or by a
   public authority constituted by the state of  New  York  can  provide;
   making an appropriation therefor; and providing for the repeal of such
   provisions upon expiration thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. A temporary state commission, to be known as the  New  York
 state commission on establishing a bank owned by New York state, herein-
 after  referred  to  as  the commission, is hereby established to hire a
 consultant to study the feasibility of establishing a bank owned by  the
 state  of  New York or by a public authority constituted by the state of
 New York for the public interest.
   § 2. (a) The commission  shall  consist  of  fifteen  members,  to  be
 appointed as follows:(i) six members shall be appointed by the governor,
 one  of  whom shall be a representative of the New York state department
 of financial services, one shall be a representative from the  New  York
 state  department of taxation and finance, the remaining four governor's
 appointees shall not be employees of the executive branch and  at  least
 one  member  shall represent the banking and financial industries of the
 state including, but not limited to, the New York  bankers  association,
 at  least  one  member   shall represent community  banking, and no more
 than one member may be a representative of any financial  services  firm
 located  within  the state,  including, but not limited to, the New York
 state small business development center;
   (ii) one member shall be the New York state comptroller or  the  comp-
 troller's designee;
   (iii)  three  members shall be appointed by the temporary president of
 the senate, one of whom shall be a member of the senate;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11521-07-2

S8449B (ACTIVE) - Details

See Assembly Version of this Bill:
A9711
Current Committee:
Assembly Banks
Law Section:
Banks

S8449B (ACTIVE) - Summary

Establishes a temporary state commission to conduct a feasibility study to evaluate and make recommendations concerning the formation and control of a state public bank; provides if such study finds that the state bank is feasible, the legislature shall consider legislation to create a state public bank for New York.

S8449B (ACTIVE) - Sponsor Memo

S8449B (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8449--B
 
                             I N  S E N A T E
 
                               March 2, 2022
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to  the  Committee  on  Finance  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to  said  committee  --  committee  discharged,  bill amended, ordered
   reprinted as amended and recommitted to said committee

 AN ACT establishing a commission to determine  what  benefits  a  public
   bank or network of public banks owned by the state of New York or by a
   public authority constituted by the state of New York can provide; and
   providing for the repeal of such provisions upon expiration thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. A temporary state commission, to be known as the  New  York
 state commission on establishing a bank owned by New York state, herein-
 after  referred  to  as  the commission, is hereby established to hire a
 consultant to study the feasibility of establishing a bank owned by  the
 state  of  New York or by a public authority constituted by the state of
 New York for the public interest.
   § 2. (a) The commission  shall  consist  of  fifteen  members,  to  be
 appointed as follows:(i) six members shall be appointed by the governor,
 one  of  whom shall be a representative of the New York state department
 of financial services, one shall be a representative from the  New  York
 state  department of taxation and finance, the remaining four governor's
 appointees shall not be employees of the executive branch and  at  least
 one  member  shall represent the banking and financial industries of the
 state including, but not limited to, the New York  bankers  association,
 at  least  one  member   shall represent community  banking, and no more
 than one member may be a representative of any financial  services  firm
 located  within  the state,  including, but not limited to, the New York
 state small business development center;
   (ii) one member shall be the New York state comptroller or  the  comp-
 troller's designee;
   (iii)  three  members shall be appointed by the temporary president of
 the senate, one of whom shall be a member of the senate;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11521-09-2

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