Bill Text: NY S03260 | 2015-2016 | 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 2-0)

Status: (Introduced - Dead) 2016-01-06 - REFERRED TO BANKS [S03260 Detail]

Download: New_York-2015-S03260-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3260
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                   February 4, 2015
                                      ___________
       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    S  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.
                                                                  LBD00139-01-5
       S. 3260                             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    S 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    S 4. This act shall take effect immediately and shall  expire  and  be
   44  deemed repealed one year after such effective date.