Senate bill · S1996 (2025-26)

Establishes a temporary state commission to conduct a feasibility study on the formation and control of a state public bank

Latest action Jun 1, 2026

New York State Senate

Same as A7306, the matching bill in the Assembly.

Sponsor

State Senator, District 10 · Democratic

Summary

Establishes a temporary state commission to conduct a feasibility study to evaluate and make recommendations concerning the formation and control of a state public bank; provides if such study finds that the state bank is feasible, the commission may recommend legislation to create a state public bank for New York.

Summary from NY Open Legislation. How we handle summaries

From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 31, 2026. About our data

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Purpose, from the sponsor's memo

This bill would establish a temporary state commission, to be known as the New York state public bank commission, hereinafter referred to as the commission, to conduct a study of the benefits a public bank or network of public banks owned by the state of New York or by a public authority constituted by the state of New York can provide.

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, Finance · New York State Senate.

Cosponsors

Phil Steck

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

Read on NY Senate

Democratic1

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

Phil Steck

The sponsor's argument

Why James Sanders Jr. says this is needed

A public bank is a financial institution created by the state for a "public benefit" of the community. Who benefits from a Public Bank? Taxpayers will benefit from both: (a) the profits the bank makes that return to the general fund of the state to hold the line on taxes; and (b) the provide banking services to economic disadvantaged communities. The state will benefit by financing public projects at a reduced cost. Public banks help local businesses and MWBEs by providing them access to credit lines, loans, and other forms of financing to help them grow and succeed. The community benefits because the public bank could provide affordable loans for students to attend college. Homebuyers seeking reasonable mortgage loans with reasonable terms and rates also would benefit. The Bank of North Dakota, founded in 1919, is currently the only public bank that exists in the United States. Since 2010, 28 States in the United States have passed legislation to establish a public banking taskforce or to create a public bank in their state. The State of Cali- fornia enacted a law in 2019 allowing municipalities to form a public bank.

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 SenateJun 1, 2026Result: passed
(38) (22) (0) (3)
Vote: Committee vote · Finance
Senate FinanceMay 12, 2026Result: passed
(14) (6) (0) (2)
Vote: Floor vote
NY SenateJun 11, 2025Result: passed
(38) (21) (0) (4)
Vote: Committee vote · Finance
Senate FinanceMay 28, 2025Result: passed
(15) (7) (0) (0)

Full history

Jun 1, 2026
Sent to the executive
DELIVERED TO ASSEMBLY
NY Senate
Jun 1, 2026
Passed a chamber
PASSED SENATE
NY Senate
Jun 1, 2026
Referred to committee
REFERRED TO BANKS
NY Assembly
May 14, 2026
Advanced to Third Reading
ADVANCED TO THIRD READING
NY Senate
May 13, 2026
2ND Report CAL.
2ND REPORT CAL.
NY Senate

Show full history (12 earlier events)

May 12, 2026
1ST Report CAL.1044
1ST REPORT CAL.1044
NY Senate
Jan 7, 2026
Died in Assembly
DIED IN ASSEMBLY
NY Assembly
Jan 7, 2026
Referred to committee
REFERRED TO BANKS
NY Assembly
Jan 7, 2026
Referred to committee
REFERRED TO FINANCE
NY Senate
Jun 11, 2025
Sent to the executive
DELIVERED TO ASSEMBLY
NY Senate
Jun 11, 2025
Passed a chamber
PASSED SENATE
NY Senate
Jun 11, 2025
Referred to committee
REFERRED TO BANKS
NY Assembly
Jun 4, 2025
Advanced to Third Reading
ADVANCED TO THIRD READING
NY Senate
May 29, 2025
2ND Report CAL.
2ND REPORT CAL.
NY Senate
May 28, 2025
1ST Report CAL.1346
1ST REPORT CAL.1346
NY Senate
Mar 25, 2025
Referred to committee
REFERRED TO BANKS
NY Assembly
Jan 14, 2025
Referred to committee
REFERRED TO FINANCE
NY Senate