Senate Bill S1754

2023-2024 Legislative Session

Establishes the "New York public banking act"

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Current Bill Status - In Senate Committee Banks Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-S1754 (ACTIVE) - Details

See Assembly Version of this Bill:
A3352
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd §2, add Art 3-C §§156 - 156-i, Bank L; amd §98, St Fin L; amd §10, Gen Muni L
Versions Introduced in 2023-2024 Legislative Session:
S1754, A3352

2023-S1754 (ACTIVE) - Summary

Establishes the "New York public banking act"; authorizes municipal and other local governments to form and control public banks through the ownership of capital stock or other ownership interests, and to loan or grant public funds or lend public credit to such public banks for the public purposes of achieving cost savings, strengthening local economies, supporting community economic development, and addressing infrastructure and housing needs for localities.

2023-S1754 (ACTIVE) - Sponsor Memo

2023-S1754 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1754
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 13, 2023
                                ___________
 
 Introduced  by  Sens.  SANDERS, BAILEY, BRISPORT, BROUK, CLEARE, COMRIE,
   COONEY,  GIANARIS,   GOUNARDES,   HINCHEY,   HOYLMAN-SIGAL,   JACKSON,
   KAVANAGH,  KRUEGER,  LIU,  MAY,  MAYER, MYRIE, PARKER, PERSAUD, RAMOS,
   RIVERA, SALAZAR, SEPULVEDA, SERRANO, SKOUFIS, STAVISKY --  read  twice
   and ordered printed, and when printed to be committed to the Committee
   on Banks
 
 AN  ACT  to amend the banking law, the state finance law and the general
   municipal law, in relation to establishing the "New York public  bank-
   ing act"
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Short title. This act shall be known and may  be  cited  as
 the "New York public banking act".
   §  2. It is the intent of the legislature that this act (i) authorizes
 municipal and other local governments to form and control  public  banks
 through the ownership of capital stock or other ownership interests, and
 to loan or grant public funds or lend public credit to such public banks
 for  the  public purposes of achieving cost savings, strengthening local
 economies, supporting community  economic  development,  and  addressing
 infrastructure  and  housing needs for localities; and (ii) codifies the
 common law interpretation  of  the  New  York  state  constitution  that
 cities, counties, and other municipalities may own stock or other owner-
 ship interests in, and lend or grant money to, public and private corpo-
 rations,  limited liability companies or not-for-profit corporations, so
 long as such actions are pursuant to public purposes.
   § 3. Subdivisions 1 and 11 of section 2 of the banking  law,  subdivi-
 sion  1 as amended by chapter 684 of the laws of 1938 and subdivision 11
 as amended by chapter 154 of the laws of 2007, are amended  to  read  as
 follows:
   1. Bank. The term, "bank," when used in this chapter, unless a differ-
 ent  meaning appears from the context, means any corporation, other than
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02375-01-3
              

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