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Bill

Bill

S 1708

Regulatory Accountability Act

119th Congress Introduced by Ron Johnson and 1 co-sponsor

The Bank of Rochester Act creates a state-chartered bank to boost local lending, support small businesses, and enhance financial access in Rochester, NY.

Introduced in Senate
0
WeVote Research Nonpartisan
Bill Summary · S 1708

Summary of Bill S 1708: Bank of Rochester Act

Overview

Bill S 1708, titled the "Bank of Rochester Act," was introduced on January 13, 2025. The bill aims to establish a new banking institution in Rochester, New York, with the intent of enhancing local financial services and promoting economic growth in the region.

Key Provisions

The Bank of Rochester Act includes several significant provisions:

  • Establishment of the Bank: The bill proposes the creation of a state-chartered bank specifically for the Rochester area, which would provide a range of financial services to individuals and businesses.

  • Local Economic Focus: The bank is designed to prioritize lending to local businesses and community development projects, thereby stimulating economic activity within the region.

  • Regulatory Framework: The bill outlines the regulatory structure under which the Bank of Rochester will operate, including compliance with state banking laws and oversight by the New York State Department of Financial Services.

  • Funding and Capitalization: Initial funding mechanisms and capitalization requirements for the bank are specified, ensuring that it has the necessary resources to operate effectively.

Impact

The establishment of the Bank of Rochester is expected to have several impacts:

  • Economic Development: By focusing on local lending, the bank aims to support small businesses and entrepreneurs, potentially leading to job creation and economic revitalization in Rochester.

  • Financial Accessibility: The bank is intended to improve access to financial services for underserved communities, promoting inclusivity in the local economy.

  • Competition: The introduction of a new bank may increase competition among financial institutions in the area, potentially leading to better services and rates for consumers.

Legislative Timeline

  • January 13, 2025: Bill S 1708 was introduced and referred to the Banks Committee.
  • April 30, 2025: The bill was amended and recommitted to the Banks Committee, with the updated version printed as 1708A.

Related Legislation

  • S 9326: A related bill from the prior legislative session that may provide context or background for the current proposal.
  • A 6409: A companion bill in the Assembly that aligns with the objectives of S 1708, indicating bipartisan support for the initiative.

Conclusion

The Bank of Rochester Act represents a significant legislative effort to enhance financial services in Rochester, New York. By establishing a local bank focused on community needs, the bill aims to foster economic growth and improve financial access for residents and businesses alike. As the bill progresses through the legislative process, its potential impacts on the local economy and community will be closely monitored.

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

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