Establishes the "New York public banking act" to authorize local governments to form public banks for cost savings and community development.

The New York public banking act allows municipal and local governments to establish and control public banks through capital stock or ownership interests. These banks can lend public funds or credit to achieve cost savings, strengthen local economies, support community economic development, and address infrastructure and housing needs. The act defines public banks as not-for-profit corporations, stock corporations, or limited liability companies.

Establishes the "New York public banking act" to authorize local governments to form public banks for cost savings and community development.

The New York public banking act allows municipal and local governments to establish and control public banks through capital stock or ownership interests. These banks can lend public funds or credit to achieve cost savings, strengthen local economies, support community economic development, and address infrastructure and housing needs. The act defines public banks as not-for-profit corporations, stock corporations, or limited liability companies.