assembly Bill A3138

2021-2022 Legislative Session

Establishes the empire state inclusive value ledger establishment and administration act

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

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 05, 2022 referred to banks
Jan 22, 2021 referred to banks

Co-Sponsors

A3138 (ACTIVE) - Details

See Senate Version of this Bill:
S6073
Current Committee:
Assembly Banks
Law Section:
State Finance Law
Laws Affected:
Add §4-b, St Fin L; amd §301, Fin Serv L; amd §5, UDC Act
Versions Introduced in 2019-2020 Legislative Session:
A8686

A3138 (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.

A3138 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3138
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 22, 2021
                                ___________
 
 Introduced  by M. of A. KIM, STECK, SOLAGES, QUART, DICKENS -- read once
   and referred to the Committee on Banks
 
 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.