Relates to establishing the state of New York public bank to use the state's depository assets to generate additional benefit for the people and the economy of the state.
Summary
Bill S04156 proposes the establishment of a public bank in New York, aimed at utilizing the state's depository assets to address unmet needs in public infrastructure, education, and small business development. The public bank will facilitate low-cost loans for students, first-time homebuyers, and small businesses, particularly those owned by minorities and women, while also providing banking services to underserved communities. The legislation outlines the governance structure, including a commission and an advisory board, to oversee the bank's operations and ensure ethical management and transparency.
Impact
If enacted, the bill will amend the state finance law to create a public bank that will serve as a depository for state funds and provide various financial services. This will impact existing banking practices in New York by introducing a state-operated financial institution focused on community needs. The public bank is expected to leverage state funds to generate economic benefits, particularly in areas that have historically been underserved by traditional banking institutions.
Sentiment
The sentiment surrounding Bill S04156 appears to be cautiously optimistic, with proponents highlighting the potential for economic growth and increased access to financial resources for marginalized communities. However, there may be concerns regarding the management and oversight of a public bank, as well as its impact on existing financial institutions.
Contention
Notable points of contention include concerns about the potential for political influence in the operations of the public bank and the effectiveness of its governance structure. Critics may argue that the establishment of a public bank could compete with private banks, particularly in underserved areas, leading to a debate over the role of government in banking.
Relates to establishing the state of New York public bank to use the state's depository assets to generate additional benefit for the people and the economy of the state.
Relates to establishing the state of New York public bank to use the state's depository assets to generate additional benefit for the people and the economy of the state.
Relates to establishing the empire state public bank to use the state's depository assets to generate additional benefit for the people and the economy of the state.
Enacting the Kansas bullion depository act to authorize the state treasurer to establish, administer or contract for the administration of bullion depositories and allowing for state moneys to be deposited in such bullion depositories and invested in specie legal tender.
AN ACT relating to banks, banking and finance; providing for the conversion of special purpose depository institutions into state banks; providing for the conversion of state banks into special purpose depository institutions; requiring rulemaking; and providing for effective dates.
Requiring banks to enter into a written agreement with the state treasurer to be a depository of public moneys, increasing the market value of securities necessary to secure the deposit of public moneys, providing procedures for when a depository fails to follow the requirements of the state treasurer, modifying certain definitions, authorizing the state treasurer to assess a fee to operate the public moneys pooled method, creating the public moneys fee fund and providing exceptions to the public moneys pooled method if accounts are subject to conflicting federal law.
Prohibits fees for any service rendered through a banking organization relating to the use of an electronic benefit transfer card issued by the state or certain departments or agencies thereof.