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Bill

Bill

S 1996

Medicare Audiology Access Improvement Act of 2025

119th Congress Introduced by Cory Booker and 10 co-sponsors

Bill S 1996 establishes a temporary commission to study the feasibility of a state public bank, aiming to enhance banking access and impact local economies.

Introduced in Senate
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Bill Summary · S 1996

Summary of Bill S 1996

Bill Overview

  • Bill Number: S 1996
  • 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 Date: January 14, 2025
  • Classification: Bill

Purpose and Intent

The primary purpose of Bill S 1996 is to establish a temporary state commission tasked with conducting a feasibility study regarding the creation and management of a state public bank. This initiative aims to explore the potential benefits, challenges, and operational frameworks of a public banking system within the state.

Key Provisions

  • Formation of a Commission: The bill proposes the creation of a temporary commission that will consist of appointed members with expertise in banking, finance, and public policy.
  • Feasibility Study: The commission will conduct a comprehensive study to assess:
    • The economic viability of establishing a state public bank.
    • The regulatory and legal considerations involved.
    • Potential impacts on local economies and communities.
    • Comparison with existing banking models and systems.
  • Reporting Requirements: The commission will be required to submit a detailed report of its findings and recommendations to the legislature by a specified deadline.

Affected Parties

  • State Government: The establishment of the commission and the subsequent study will involve state resources and personnel.
  • Banking Sector: The bill could impact existing banks and financial institutions by introducing a state-run competitor.
  • Local Communities: Residents may benefit from increased access to banking services, particularly in underserved areas, depending on the outcomes of the study.

Legislative Timeline

  • January 14, 2025: Bill introduced and referred to the Finance Committee.
  • May 28, 2025: The bill was placed on the first report calendar.
  • May 29, 2025: The bill advanced to the second report calendar.
  • June 4, 2025: The bill advanced to third reading.
  • June 11, 2025: The bill passed the Senate and was delivered to the Assembly, where it was referred to the Banks Committee.

Related Legislation

  • A 7306: This bill serves as a companion to S 1996, likely addressing similar objectives or provisions regarding the establishment of a state public bank.

Conclusion

Bill S 1996 represents a significant step towards evaluating the feasibility of a state public bank, with the potential to reshape the financial landscape in the state. The findings from the proposed commission could inform future legislative actions and decisions regarding public banking initiatives.

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

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