Senate Bill S1762B

2021-2022 Legislative Session

Establishes the "New York public banking act"

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Archive: Last 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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Bill Amendments

co-Sponsors

2021-S1762 - Details

See Assembly Version of this Bill:
A8290
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 Other Legislative Sessions:
2019-2020: S5565
2023-2024: S1754, A3352

2021-S1762 - 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.

2021-S1762 - Sponsor Memo

2021-S1762 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1762
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 15, 2021
                                ___________
 
 Introduced  by Sens. SANDERS, BAILEY, BENJAMIN, BIAGGI, COMRIE, HOYLMAN,
   JACKSON, KRUEGER, MAY, MAYER, PARKER, RAMOS, RIVERA, SALAZAR,  SKOUFIS
   -- 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
 the lending of public credit  to  public  banks  and  authorizes  public
 ownership  of  stock  in  public banks for the purpose of achieving cost
 savings, strengthening local economies,  supporting  community  economic
 development, and addressing infrastructure and housing needs for locali-
 ties;  and  (ii)  codifies the common law interpretation of the New York
 state constitution that cities, counties, and other  municipalities  may
 own  stock  in  and  lend  money to private corporations so long as such
 actions are pursuant to a public purpose.
   § 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
 a trust company, organized under or subject to the provisions of article
 three OR THREE-C of this chapter.
   11. Banking organizations. The  term,  "banking  organizations,"  when
 used  in  this  chapter,  means and includes all banks, trust companies,
 private bankers, savings banks, safe deposit companies, savings and loan

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

2021-S1762A - Details

See Assembly Version of this Bill:
A8290
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 Other Legislative Sessions:
2019-2020: S5565
2023-2024: S1754, A3352

2021-S1762A - 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.

2021-S1762A - Sponsor Memo

2021-S1762A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1762--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 15, 2021
                                ___________
 
 Introduced by Sens. SANDERS, BAILEY, BENJAMIN, BIAGGI, BRISPORT, COMRIE,
   HOYLMAN,  JACKSON,  KRUEGER, MAY, MAYER, MYRIE, PARKER, RAMOS, RIVERA,
   SALAZAR, SKOUFIS -- read twice and ordered printed, and  when  printed
   to  be  committed  to  the Committee on Banks -- committee discharged,
   bill amended, ordered reprinted as amended  and  recommitted  to  said
   committee
 
 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.
              

co-Sponsors

2021-S1762B (ACTIVE) - Details

See Assembly Version of this Bill:
A8290
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 Other Legislative Sessions:
2019-2020: S5565
2023-2024: S1754, A3352

2021-S1762B (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.

2021-S1762B (ACTIVE) - Sponsor Memo

2021-S1762B (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1762--B
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 15, 2021
                                ___________
 
 Introduced  by  Sens.  SANDERS, BAILEY, BIAGGI, BRISPORT, BROUK, CLEARE,
   COMRIE, COONEY, GAUGHRAN, GIANARIS, GOUNARDES, HINCHEY, HOYLMAN, JACK-
   SON, KAVANAGH, KRUEGER, MAY, MAYER,  MYRIE,  PARKER,  PERSAUD,  RAMOS,
   REICHLIN-MELNICK,  RIVERA, SALAZAR, SAVINO, SEPULVEDA, SERRANO, SKOUF-
   IS, STAVISKY -- read twice and ordered printed, and when printed to be
   committed to the Committee on  Banks  --  committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee -- recommitted to the Committee on Banks in accordance with Senate
   Rule  6,  sec.  8  --  committee  discharged,  bill  amended,  ordered
   reprinted as amended and recommitted to said committee
 
 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01784-04-2
              

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