New York A 7306: Establishes a twenty-five year retirement program for members of the NYC employees' retirement system employed as water supply police

Bill Text

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A07306 Summary:

BILL NOA07306 

&nbsp

SAME ASSAME AS S01996

&nbsp

SPONSORVanel

&nbsp

COSPNSRSteck

&nbsp

MLTSPNSR

&nbsp

&nbsp

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.

Go to top A07306 Actions:

BILL NOA07306 

&nbsp

03/25/2025referred to banks

01/07/2026referred to banks

Go to topA07306 Committee&nbspVotes:

Go to topA07306 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA07306 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7306

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 25, 2025
 ___________

 Introduced by M. of A. VANEL -- read once and referred to the Committee
 on Banks

 AN ACT establishing a New York state public bank commission to study the
 benefits of a public bank or network of public banks owned by the
 state of New York or by a public authority constituted by the state of
 New York; making an appropriation therefor; 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 public bank commission, hereinafter referred to as the commission,
 3 is hereby established to hire a consultant to study the feasibility of
 4 establishing a bank owned by the state of New York or by a public
 5 authority constituted by the state of New York for the public interest.
 6 § 2. (a) The commission shall consist of thirteen members, to be
 7 appointed as follows: (i) six members shall be appointed by the gover-
 8 nor, one of whom shall be a representative of the New York state depart-
 9 ment of financial services, one shall be a representative from the New
 10 York state department of taxation and finance, the remaining four gover-
 11 nor's appointees shall not be employees of the executive branch and at
 12 least one member shall represent the banking and financial industries of
 13 the state including, but not limited to, the New York bankers associ-
 14 ation, at least one member shall represent community banking, and no
 15 more than one member may be a representative of any financial services
 16 firm located within the state, including, but not limited to, the New
 17 York state small business development center;
 18 (ii) three members shall be appointed by the temporary president of
 19 the senate, one of whom shall be a member of the senate;
 20 (iii) three members shall be appointed by the speaker of the assembly,
 21 one of whom shall be a member of the assembly; and
 22 (iv) the state comptroller or a proxy.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05646-02-5

 A. 7306 2

 1 (b) The majority of the members of the entire commission shall desig-
 2 nate one of the commissioners to serve as the chair of the commission.
 3 (c) The members of the commission shall be appointed no later than
 4 ninety days after the effective date of this act.
 5 (d) The commission is directed to hire a reputable consultant that has
 6 the capacity, capability, and experience to conduct a feasibility study
 7 to evaluate and make recommendations concerning the formation and
 8 control of a state public bank. Consultants that have conducted a previ-
 9 ous feasibility study of a public bank at the request of a government
 10 entity in the United States will be given preference. Such study shall
 11 make recommendations, with the advice of the department of financial
 12 services, including but not limited to, on the feasibility of establish-
 13 ing a state bank in New York and may recommend legislation for the
 14 legislature to consider in order to create a state public bank for New
 15 York.
 16 § 3. The scope of such study shall include, but shall not be limited
 17 to:
 18 (a) the purposes of such public bank in the public interest;
 19 (b) an analysis of cost savings, impacts on the state's fin