Establishes a temporary state commission to conduct a feasibility study to evaluate and make recommendations concerning the formation and control of a state public bank; provides if such study finds that the state bank is feasible, the commission may recommend legislation to create a state public bank for New York.
Summary
Bill S01996 establishes a temporary New York State Public Bank Commission tasked with studying the feasibility of creating a public bank owned by the state or a public authority. The commission will consist of thirteen members appointed by various state officials and will hire a consultant to conduct a comprehensive feasibility study. This study will evaluate the potential benefits, governance structures, financial implications, and social impacts of establishing a public bank in New York, including its effects on small businesses and underserved communities.
The commission is directed to submit a report with findings and recommendations within seven months of the bill's effective date. The bill includes an appropriation of $500,000 to fund the commission's activities and the consultant's study. If the study finds the establishment of a public bank feasible, the commission may propose legislation for its creation, which would be considered by the New York legislature.
Impact
If enacted, this bill could significantly alter the banking landscape in New York by potentially establishing a state-owned bank. This could impact state financial regulations, banking services availability, and economic development initiatives. The findings of the commission could lead to legislative changes that promote financial inclusion, particularly for underserved populations, and may influence how state funds are managed and utilized for public benefit.
Sentiment
The sentiment around Bill S01996 appears to be mixed. While it has garnered support within the Senate Finance Committee, evidenced by a favorable vote, there are concerns among some legislators regarding the implications of a state-owned bank, particularly regarding governance and financial risks. The final Senate floor vote also reflected a division, with a significant number of dissenting votes indicating ongoing debate about the bill's merits.
Contention
Notable points of contention include concerns about the governance structure of a public bank and the potential for conflicts of interest. Some legislators worry about the risks associated with state ownership of a bank, particularly in terms of financial management and accountability. Additionally, there are differing opinions on whether a public bank would effectively address the needs of small businesses and underserved communities, with some arguing it could lead to inefficiencies or mismanagement.
Same As
Establishes a temporary state commission to conduct a feasibility study to evaluate and make recommendations concerning the formation and control of a state public bank; provides if such study finds that the state bank is feasible, the commission may recommend legislation to create a state public bank for New York; makes an appropriation therefor.
Establishes a temporary state commission to conduct a feasibility study to evaluate and make recommendations concerning the formation and control of a state public bank; provides if such study finds that the state bank is feasible, the commission may recommend legislation to create a state public bank for New York.
Establishes a temporary state commission to conduct a feasibility study to evaluate and make recommendations concerning the formation and control of a state public bank; provides if such study finds that the state bank is feasible, the commission may recommend legislation to create a state public bank for New York.
Establishes a temporary state commission to conduct a feasibility study to evaluate and make recommendations concerning the formation and control of a state public bank; provides if such study finds that the state bank is feasible, the commission may recommend legislation to create a state public bank for New York.
Establishes a temporary state commission to conduct a feasibility study to evaluate and make recommendations concerning the formation and control of a state public bank; provides if such study finds that the state bank is feasible, the commission may recommend legislation to create a state public bank for New York; makes an appropriation therefor.
Creates a temporary state commission to study and make recommendations concerning the incidence of asthma in the borough of the Bronx in New York city.
Creates a temporary state commission to study and make recommendations concerning the incidence of asthma in the borough of the Bronx in New York city.
Creates a temporary state commission to study and make recommendations concerning the incidence of asthma in the borough of the Bronx in New York city.
Creates a temporary state commission to study and make recommendations concerning the incidence of asthma in the borough of the Bronx in New York city.