AB857 to S5565

Late last legislative session, Senate Banks Committee Chair James Sanders Jr. introduced a bill in New York State modeled after California’s fast advancing, grassroots-developed Public Banking Act, AB 857. The New York bill — S 5565 — seeks to amend state law to clear the way for cities, counties or the state itself to create public banks. Advocates are spending the months between now and the start of the 2020 legislative session in January building a strong coalition to support it with the aim to mobilize a statewide public banking movement.

More to come soon on this developing story.