S1996

The New York State Senate passed legislation establishing a Public Bank Commission to study the potential benefits of creating a state-owned public bank or network of public banks. The bill, S1996, sponsored by Sen. Sanders, passed on a 38-21 vote along largely partisan lines. The measure would create a commission to examine whether New York should pursue public banking as an alternative financial model. Republican opposition centered on concerns about cost and process. Sen. Borrello criticized the bill as wasteful, arguing it would require hiring consultants to study whether to hire additional consultants to examine public banking. He also objected to the absence of Republican appointments to the commission. The bill takes effect 30 days after becoming law.