Assembly Actions -
Senate Actions - UPPERCASE
|Jan 13, 2023||
referred to banks
Senate Bill S1754
2023-2024 Legislative Session
Current Bill Status - In Senate Committee Banks Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2023-S1754 (ACTIVE) - Details
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
BILL NUMBER: S1754 SPONSOR: SANDERS TITLE OF BILL: An act to amend the banking law, the state finance law and the general municipal law, in relation to establishing the "New York public banking act" PURPOSE: This bill would establish the New York Public Banking Act to create a safe and appropriate regulatory framework for municipality seeking to establish public banks within its jurisdiction. The bill additionally would allow the Department of Financial Services (DFS) to issue special-purpose public bank charters. SUMMARY OF PROVISIONS: This bill amends the banking law to add a new section, article 3-C: Public Banks.
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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