Senate Bill S7207

2023-2024 Legislative Session

Establishes the office of financial resilience

download bill text pdf

Sponsored By

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-S7207 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add §46, Bank L
Versions Introduced in Other Legislative Sessions:
2017-2018: S9156
2019-2020: S5060
2021-2022: S5643

2023-S7207 (ACTIVE) - Summary

Establishes the office of financial resilience to develop and implement new programs and initiatives for the purpose of supporting local economies and promoting resilient financial models.

2023-S7207 (ACTIVE) - Sponsor Memo

2023-S7207 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7207
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               May 18, 2023
                                ___________
 
 Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks
 
 AN ACT to amend the banking law, in relation to establishing the  office
   of financial resilience
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The banking law is amended by adding a new  section  46  to
 read as follows:
   §  46.  OFFICE OF FINANCIAL RESILIENCE. 1. THERE IS HEREBY ESTABLISHED
 WITHIN THE DEPARTMENT THE OFFICE OF  FINANCIAL  RESILIENCE.  THE  SUPER-
 INTENDENT SHALL APPOINT THE CHIEF FINANCIAL RESILIENCE OFFICER AND CHIEF
 COOPERATIVE  ECONOMIST  WHO  SHALL  APPOINT STAFF AND PERFORM SUCH OTHER
 FUNCTIONS TO ENSURE THE EFFICIENT OPERATION OF  THE  OFFICE  WITHIN  THE
 AMOUNTS MADE AVAILABLE THEREFOR BY APPROPRIATION.
   2. THE OFFICE OF FINANCIAL RESILIENCE SHALL HAVE THE POWER AND RESPON-
 SIBILITY TO:
   (A) DEVELOP AND IMPLEMENT NEW PROGRAMS AND INITIATIVES FOR THE PURPOSE
 OF  SUPPORTING LOCAL ECONOMIES AND PROMOTING RESILIENT FINANCIAL MODELS.
 SUCH PROGRAMS AND INITIATIVES SHALL ASSIST LOCAL COMMUNITIES IN:
   (I) CREATING COMMUNITY CURRENCIES;
   (II) BUILDING BLOCKCHAIN-BACKED SOLUTIONS TO SUPPORT LOCAL GROWTH;
   (III) LEARNING HOW TO IMPLEMENT COOPERATIVE  AND  PEER-TO-PEER  ECONO-
 MIES;
   (IV)  IMPLEMENTING STRATEGIES THAT WILL HELP COMMUNITIES CONNECT UNMET
 NEEDS WITH RESOURCES; AND
   (V) COORDINATING EFFORTS TO TURN STUDENT DEBT INTO FUNCTIONING CURREN-
 CIES;
   (B) CONDUCT WORKSHOPS ON FINANCIAL TOPICS AND OFFER FINANCIAL  ASSIST-
 ANCE  AND  GUIDANCE  TO LOCAL COMMUNITIES INTERESTED IN BUILDING COOPER-
 ATIVE AND PEER-TO-PEER SYSTEMS; AND
   (C) ADVOCATE ON BEHALF OF BLOCKCHAIN STARTUPS AND COMPANIES FOCUSED ON
 BUILDING AND SUPPORTING LOCAL ECONOMIES.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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