S114: Prohibits state chartered banking institutions from investing in and providing financing for private prisons

Summary

Prohibits state chartered banking institutions from investing in and providing financing for private prisons.

Summary from NY Open Legislation. How we handle summaries

Amends the Banking Law.

From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Nov 1, 2026. About our data

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Purpose, from the sponsor's memo

This bill prohibits New York state-chartered banks from financing private prisons.

Filed with the bill. Read it on nysenate.gov (opens in a new tab)

Where it stands

Passed one of the two chambers; it still needs the other.

Introduced
In committee
Up for a vote
Passed one chamber
Passed
Enacted

Committee

Banks · New York State Assembly

Also referred to Banks · New York State Senate, Codes · New York State Assembly, Codes · New York State Senate.

Cosponsors

Al Taylor, Catalina Cruz and 18 more on Agora

Showing the cosponsors who are on Agora, A to Z. The official record may list more.

Read on NY Senate

Democratic20

Shown in neutral colors by design; Agora is non-partisan.

The sponsor's argument

Why Cordell Cleare says this is needed

Private prisons are already prohibited in New York state. New York passed this law because it was widely recognized that it was neither a human practice nor in the public interest. And yet the indirect profi- teering from the same activity is still permitted because banks and other investors can still earn income from that activity. Incarceration is a necessary public function that serves the public, and it be driven by motives of public service, public safety and rehabilitation, not profiteering.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.

Recorded votes

Vote: Floor vote
NY SenateApr 20, 2026Result: passed
(36) (23) (0) (4)
Vote: Committee vote · Banks
Senate BanksJan 28, 2026Result: passed
(4) (2) (0) (0)
Vote: Floor vote
NY SenateMay 21, 2025Result: passed
(37) (22) (0) (3)
Vote: Committee vote · Banks
Senate BanksFeb 4, 2025Result: passed
(5) (2) (0) (0)

Full history

May 28, 2026
Reported out of committee
REPORTED REFERRED TO RULES
NY Assembly
Apr 20, 2026
Sent to the executive
DELIVERED TO ASSEMBLY
NY Senate
Apr 20, 2026
Passed a chamber
PASSED SENATE
NY Senate
Apr 20, 2026
Referred to committee
REFERRED TO CODES
NY Assembly
Feb 3, 2026
Advanced to Third Reading
ADVANCED TO THIRD READING
NY Senate

Show full history (15 earlier events)

Jan 29, 2026
2ND Report CAL.
2ND REPORT CAL.
NY Senate
Jan 28, 2026
1ST Report CAL.186
1ST REPORT CAL.186
NY Senate
Jan 7, 2026
Died in Assembly
DIED IN ASSEMBLY
NY Assembly
Jan 7, 2026
Referred to committee
REFERRED TO BANKS
NY Senate
Jan 7, 2026
Referred to committee
REFERRED TO CODES
NY Assembly
May 28, 2025
Reported out of committee
REPORTED REFERRED TO RULES
NY Assembly
May 22, 2025
Referred to committee
REFERRED TO CODES
NY Assembly
May 21, 2025
Sent to the executive
DELIVERED TO ASSEMBLY
NY Senate
May 21, 2025
Passed a chamber
PASSED SENATE
NY Senate
May 19, 2025
Reported out of committee
REPORTED REFERRED TO CODES
NY Assembly
Feb 10, 2025
Advanced to Third Reading
ADVANCED TO THIRD READING
NY Senate
Feb 5, 2025
2ND Report CAL.
2ND REPORT CAL.
NY Senate
Feb 4, 2025
1ST Report CAL.282
1ST REPORT CAL.282
NY Senate
Jan 31, 2025
Referred to committee
REFERRED TO BANKS
NY Assembly
Jan 8, 2025
Referred to committee
REFERRED TO BANKS
NY Senate