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A 7306

Establishes a temporary state commission to conduct a feasibility study on the formation and control of a state public bank

2025 Regular Session Introduced by Phil Steck and 1 co-sponsor

Establishes a temporary commission to study if New York can form a state public bank, assessing feasibility, governance, costs, and impacts on state finances and local communities.

REFERRED TO BANKS
0
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Bill Summary · A 7306

Summary of Assembly Bill A 7306

Overview

A 7306 would establish a temporary state commission to conduct a feasibility study on the formation and governance of a state public bank. The bill is currently in the New York State Legislature and has been referred to the Banks committee.

  • Bill Number: A 7306
  • Title: Establishes a temporary state commission to conduct a feasibility study on the formation and control of a state public bank
  • Status: Referred to Banks
  • Introduced: March 25, 2025
  • Classification: Assembly bill
  • Sponsors: Primary — Clyde Vanel; Cosponsor — Phil Steck
  • Related Legislation: Companion Senate bill S 1996 (listed as a companion)

Purpose and Intent

The bill aims to authorize the creation of a temporary commission tasked with evaluating whether New York could form a state public bank and how such an institution would be controlled and governed. The study would consider whether a state public bank is feasible, how it would be structured, and what governance, regulatory, and financial implications would accompany its formation.

Key Provisions (as expected in a bill of this type)

  • Establishment of a temporary commission dedicated to conducting a feasibility study on forming a state public bank.
  • Study scope (potential elements typically examined): viability and rationale; proposed governance and control structures; regulatory and supervisory considerations; anticipated costs to establish and operate; potential impacts on public finance, lending to state and local governments, small businesses, and communities; effects on competition with private banks; risk management and financial safeguards; and interagency coordination.
  • Development of an implementation plan if the study finds feasibility, including recommended statutory changes, a timeline, and transitional steps.
  • Recommendations on funding and staffing for the commission (including staff support and resources).
  • Reporting requirements, including periodic updates to the Legislature and a final report with findings and recommendations.
  • Sunset/expiration: The commission is described as temporary, implying it would dissolve after completing its study and submitting its final report (exact sunset provisions would be in the bill text).

Commission Details (if enacted)

  • Nature: Temporary body to conduct the feasibility study.
  • Likely composition and leadership: The bill would specify appointment processes, member terms, and leadership (e.g., a chair), though exact details are not provided in the summary.
  • Duration: A finite period to complete the study and issue a final report.

Timing and Procedural Notes

  • The bill was introduced and immediately referred to the Banks committee on March 25, 2025.
  • As a companion bill exists in the Senate (S 1996), action on one chamber often aligns with movement on the companion.

Affected Parties and Potential Impacts

  • Government and public sector: State agencies and financing authorities involved in public spending and municipal lending could be affected by findings and potential future policy changes.
  • Financial sector: Private banks and credit unions may be affected by any shifts in public banking policy, regulation, or competition.
  • General public and local governments: Outcomes could influence public access to banking services, interest rates on public funds, and opportunities for local economic development.

Next Steps

  • Committee action, potential amendments, and any hearings on A 7306.
  • If advanced, passage by both chambers and gubernatorial consideration.
  • Depending on findings, the Legislature may pursue further legislation to implement any proposed state public bank framework.

If you’d like, I can tailor this summary to emphasize specific stakeholder impacts or compare it to the Senate companion S 1996.

Compiled from official sources — confirm details with the bill’s official record.

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