Bill Text: NY S03172 | 2017-2018 | General Assembly | Introduced

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Bill Title: Establishes a commission to study the feasibility of establishing a bank owned by the state of New York or an authority constituted by the state of New York and report thereon.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2018-06-06 - referred to banks [S03172 Detail]

Download: New_York-2017-S03172-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          3172
                               2017-2018 Regular Sessions
                    IN SENATE
                                    January 20, 2017
                                       ___________
        Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Banks
        AN ACT to establish a commission to study the feasibility of  establish-
          ing  a  bank  owned  by the state of New York or by a public authority
          constituted by the state of New York; and providing for the repeal  of
          such provisions upon expiration thereof
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. A temporary state commission, to be known as the  New  York
     2  state commission on establishing a bank owned by New York state, herein-
     3  after  referred to as the commission, is hereby established to study the
     4  feasibility of establishing a bank owned by the state of New York or  by
     5  a public authority constituted by the state of New York.
     6    §  2.  a.  The  commission  shall  consist  of  fifteen members, to be
     7  appointed as follows:
     8    (i) six members shall be appointed by the governor, one of whom  shall
     9  be  a representative of the New York state banking department, one shall
    10  be a representative from the New York state department of  taxation  and
    11  finance, the remaining four governor's appointees shall not be employees
    12  of  the  executive  branch  and  at least one member shall represent the
    13  banking and financial industries of the state including, but not limited
    14  to, the New York Bankers Association, at least one member  shall  repre-
    15  sent  community  banking, and no more than one member may be a represen-
    16  tative of any financial services firm located within the state,  includ-
    17  ing,  but  not limited to, the New York state small business development
    18  center;
    19    (ii) one member shall be the New York state comptroller or  the  comp-
    20  troller's designee;
    21    (iii)  three  members shall be appointed by the temporary president of
    22  the senate, one of whom shall be a member of the senate;
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01404-01-7
        S. 3172                             2
     1    (iv) one member shall be appointed  by  the  minority  leader  of  the
     2  senate;
     3    (v)  three  members shall be appointed by the speaker of the assembly,
     4  one of whom shall be a member of the assembly; and
     5    (vi) one member shall be appointed  by  the  minority  leader  of  the
     6  assembly.
     7    b.  The  governor  shall designate one of his or her appointees as the
     8  chair of the commission.
     9    c. The members of the commission shall  be  appointed  no  later  than
    10  ninety days after the effective date of this act.
    11    § 3. The commission shall:
    12    (i)  examine  the technical, legal and financial feasibility of estab-
    13  lishing a state-owned bank, including but not limited to  a  state-owned
    14  bank for infrastructure investment purposes;
    15    (ii) seek participation in its deliberations from the president of the
    16  Federal Reserve Bank of New York or the president's designee;
    17    (iii) evaluate the experiences of other states with state-owned banks,
    18  identifying  the  financial performance of such banks and evaluating the
    19  lending practices of such banks to show whether such banks  successfully
    20  fill lending gaps not filled by the private sector;
    21    (iv)  evaluate the manner in which public funds are invested or depos-
    22  ited by the state and its political subdivisions including funds managed
    23  by the state comptroller including state and local pension funds;
    24    (v) examine the  infrastructure  investment  activities  conducted  by
    25  other states with state-owned banks;
    26    (vi)  examine  the  lending  practices,  including  lending to support
    27  infrastructure, of the existing public agencies in the commonwealth that
    28  perform lending services. Any other public authority in the  state  that
    29  lends  money  shall cooperate fully with the commission and shall supply
    30  information reasonably required by  the  commission  to  carry  out  its
    31  charge;
    32    (vii) investigate how a state bank can promote the agriculture, educa-
    33  tion, community development, economic development, commerce and industry
    34  within the state;
    35    (viii)  hold  at  least  three  public hearings in distinct geographic
    36  regions of the state; and
    37    (ix) publish its findings and recommendations, together with drafts of
    38  legislation, if any,  necessary  to  carry  those  recommendations  into
    39  effect,  in a written report not later than one year after the effective
    40  date of this act. The report shall be published on the official  website
    41  of  the  state,  and  shall  be  contemporaneously filed with the senate
    42  finance committee and the assembly ways and means committee.
    43    § 4. This act shall take effect immediately and shall  expire  and  be
    44  deemed repealed one year after such effective date.