New York S 6110: Establishes the office of financial resilience

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S06110 Summary:

BILL NOS06110 

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SAME ASNo Same As

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SPONSORPARKER

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COSPNSR

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MLTSPNSR

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Add §46, Bank L

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Establishes the office of financial resilience to develop and implement new programs and initiatives for the purpose of supporting local economies and promoting resilient financial models.

Go to top S06110 Actions:

BILL NOS06110 

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03/05/2025REFERRED TO BANKS

01/07/2026REFERRED TO BANKS

Go to topS06110 Committee&nbspVotes:

Go to topS06110 Floor&nbspVotes:

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

Go to topS06110 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6110

 2025-2026 Regular Sessions

 IN SENATE

 March 5, 2025
 ___________

 Introduced by Sen. PARKER -- read twice and ordered printed, and when
 printed to be committed to the Committee on Banks

 AN ACT to amend the banking law, in relation to establishing the office
 of financial resilience

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The banking law is amended by adding a new section 46 to
 2 read as follows:
 3 § 46. Office of financial resilience. 1. There is hereby established
 4 within the department the office of financial resilience. The super-
 5 intendent shall appoint the chief financial resilience officer and chief
 6 cooperative economist who shall appoint staff and perform such other
 7 functions to ensure the efficient operation of the office within the
 8 amounts made available therefor by appropriation.
 9 2. The office of financial resilience shall have the power and respon-
 10 sibility to:
 11 (a) develop and implement new programs and initiatives for the purpose
 12 of supporting local economies and promoting resilient financial models.
 13 Such programs and initiatives shall assist local communities in:
 14 (i) creating community currencies;
 15 (ii) building blockchain-backed solutions to support local growth;
 16 (iii) learning how to implement cooperative and peer-to-peer econo-
 17 mies;
 18 (iv) implementing strategies that will help communities connect unmet
 19 needs with resources; and
 20 (v) coordinating efforts to turn student debt into functioning curren-
 21 cies;
 22 (b) conduct workshops on financial topics and offer financial assist-
 23 ance and guidance to local communities interested in building cooper-
 24 ative and peer-to-peer systems; and
 25 (c) advocate on behalf of blockchain startups and companies focused on
 26 building and supporting local economies.
 27 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10572-01-5

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