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Bill

Bill

A 1887

Establishes the empire state public bank

2025 Regular Session Introduced by Chris Burdick and 7 co-sponsors

Bill A 1887 creates the Empire State Public Bank to boost access to banking, support local businesses, and prioritize underserved communities in New York.

REFERRED TO BANKS
0
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Bill Summary · A 1887

Summary of Bill A 1887: Establishes the Empire State Public Bank

Purpose and Intent

Bill A 1887 aims to establish the Empire State Public Bank, a state-owned financial institution designed to enhance access to banking services for residents of New York. The primary intent of the bill is to promote economic development, support local businesses, and provide financial services that prioritize the needs of the community over profit.

Key Provisions

  • Establishment of the Bank: The bill proposes the creation of a public bank that will operate under the authority of the state government.
  • Funding and Capitalization: The bill outlines mechanisms for funding the bank, which may include initial capital from state revenues or other financial sources.
  • Services Offered: The Empire State Public Bank is expected to provide a range of banking services, including loans to small businesses, affordable housing financing, and support for renewable energy projects.
  • Community Focus: The bank will prioritize lending to underserved communities and projects that align with state economic goals, such as job creation and sustainability.
  • Oversight and Governance: The bill includes provisions for the governance of the bank, ensuring accountability and transparency in its operations.

Affected Parties

  • Residents of New York: The establishment of the public bank is intended to benefit all residents by providing equitable access to financial services.
  • Local Businesses: Small and medium-sized enterprises (SMEs) will have increased access to capital, which can help stimulate local economies.
  • Community Organizations: Nonprofits and community groups may also benefit from partnerships with the bank to fund community development initiatives.

Procedural Aspects

  • Current Status: As of January 14, 2025, the bill has been referred to the Banks Committee for further consideration.
  • Legislative History: This bill follows several related bills from prior sessions, including A 10431, A 437, A 3309, and A 4448, which may provide context or groundwork for the current proposal.

Conclusion

Bill A 1887 represents a significant step towards establishing a public banking system in New York, aimed at fostering economic growth and providing essential financial services to communities across the state. As the bill progresses through the legislative process, its implications for local economies and residents will be closely monitored.

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

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