Establishes the "New York public banking act" to authorize local governments to form and control public banks for economic development and.

The bill establishes the "New York public banking act," allowing municipal and local governments to form and control public banks through capital stock or ownership interests. These banks can receive public funds and credit for purposes like cost savings, local economic strengthening, community development, and addressing infrastructure and housing needs. The public banks can be structured as not-for-profit corporations, limited liability companies, or business corporations.

Establishes the "New York public banking act" to authorize local governments to form and control public banks for economic development and.

The bill establishes the "New York public banking act," allowing municipal and local governments to form and control public banks through capital stock or ownership interests. These banks can receive public funds and credit for purposes like cost savings, local economic strengthening, community development, and addressing infrastructure and housing needs. The public banks can be structured as not-for-profit corporations, limited liability companies, or business corporations.