New York State Assembly

Bill No.:  

 
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A03099 Summary:

BILL NO	A03099
SAME AS	SAME AS S05643
SPONSOR	Kim
COSPNSR	Ra, Davila
MLTSPNSR
Add 46, Bank L
Establishes the office of financial resilience to develop and implement new programs and initiatives for the purpose of supporting local economies and promoting resilient financial models.

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A03099 Actions:

BILL NO	A03099
01/22/2021	referred to banks
01/05/2022	referred to banks

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A03099 Committee Votes:

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A03099 Floor Votes:

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A03099 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          3099
 
                               2021-2022 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 22, 2021
                                       ___________
 
        Introduced  by M. of A. KIM, RA, DAVILA -- read once and referred to the
          Committee on Banks
 
        AN ACT to amend the banking law, in relation to establishing the  office
          of financial resilience
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. The banking law is amended by adding a new  section  46  to
     2  read as follows:
     3    §  46.  Office of financial resilience. 1. There is hereby established
     4  within the department the office of  financial  resilience.  The  super-
     5  intendent shall appoint the chief financial resilience officer and chief
     6  cooperative  economist  who  shall  appoint staff and perform such other
     7  functions to ensure the efficient operation of  the  office  within  the
     8  amounts made available therefor by appropriation.
     9    2. The office of financial resilience shall have the power and respon-
    10  sibility to:
    11    (a) develop and implement new programs and initiatives for the purpose
    12  of  supporting local economies and promoting resilient financial models.
    13  Such programs and initiatives shall assist local communities in:
    14    (i) creating community currencies;
    15    (ii) building blockchain-backed solutions to support local growth;
    16    (iii) learning how to implement cooperative  and  peer-to-peer  econo-
    17  mies;
    18    (iv)  implementing strategies that will help communities connect unmet
    19  needs with resources; and
    20    (v) coordinating efforts to turn student debt into functioning curren-
    21  cies;
    22    (b) conduct workshops on financial topics and offer financial  assist-
    23  ance  and  guidance  to local communities interested in building cooper-
    24  ative and peer-to-peer systems; and
    25    (c) advocate on behalf of blockchain startups and companies focused on
    26  building and supporting local economies.
    27    § 2. This act shall take effect immediately.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06024-01-1

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