The establishment of a task force to study options and make recommendations for a plan to implement a municipal public bank

Summary

This bill would create a task force to study the potential for a public bank sponsored by the city, recommend a draft plan of governance and charter requirements proposed under New York Senate Bill S.1754 for the year 2023, and issue a report on their findings. The task force shall consist of three members appointed by the mayor, one of whom shall be the commissioner of finance or their designee, one of whom shall be the commissioner of consumer and worker protection or their designee, and one of whom shall be a representative of a labor organization; three members appointed by the comptroller, one of whom must have community banking experience; and three members appointed by the speaker of the council, one of whom must be a representative of a small business association and one of whom must be a member of a community-based organization responsible for community development, economic development, and/or consumer protection. The chair of the task force shall be named from the speaker’s appointees. The task force final report shall be due no later than one year from its first meeting and disband 180 days after submission of the report.

Summary from NYC Council (Legistar). How we handle summaries

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Where it stands

The session ended before it was voted on. It was not defeated; it simply ran out of time, which is what happens to most legislation. It would have to be reintroduced.

Committee on Finance

Full history

1. Dec 31, 2025

   Filed

   This Introduction was Filed (End of Session)

   NYC Council

2. Feb 8, 2024

   Introduced

   This Introduction was Introduced by Council

   NYC Council

3. Feb 8, 2024

   Referred to committee

   This Introduction was Referred to Comm by Council to the Committee on Finance

   NYC Council