Assembly Bill A11309

2017-2018 Legislative Session

Establishes the office of financial resilience

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2017-A11309 (ACTIVE) - Details

See Senate Version of this Bill:
S9156
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §46, Bank L
Versions Introduced in Other Legislative Sessions:
2019-2020: A2239, S5060
2021-2022: A3099, S5643
2023-2024: S7207

2017-A11309 (ACTIVE) - Summary

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.

2017-A11309 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   11309
 
                           I N  A S S E M B L Y
 
                              August 15, 2018
                                ___________
 
 Introduced by COMMITTEE ON RULES -- (at request of M. of A. Kim, Stirpe,
   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:

   Section  1.  The  banking law is amended by adding a new section 46 to
 read as follows:
   § 46. OFFICE OF FINANCIAL RESILIENCE. 1. THERE IS  HEREBY  ESTABLISHED
 WITHIN  THE  DEPARTMENT  THE  OFFICE OF FINANCIAL RESILIENCE. THE SUPER-
 INTENDENT SHALL APPOINT THE CHIEF FINANCIAL RESILIENCE OFFICER AND CHIEF
 COOPERATIVE ECONOMIST WHO SHALL APPOINT STAFF  AND  PERFORM  SUCH  OTHER
 FUNCTIONS  TO  ENSURE  THE  EFFICIENT OPERATION OF THE OFFICE WITHIN THE
 AMOUNTS MADE AVAILABLE THEREFOR BY APPROPRIATION.
   2. THE OFFICE OF FINANCIAL RESILIENCE SHALL HAVE THE POWER AND RESPON-
 SIBILITY TO:
   (A) DEVELOP AND IMPLEMENT NEW PROGRAMS AND INITIATIVES FOR THE PURPOSE
 OF SUPPORTING LOCAL ECONOMIES AND PROMOTING RESILIENT FINANCIAL  MODELS.
 SUCH PROGRAMS AND INITIATIVES SHALL ASSIST LOCAL COMMUNITIES IN:
   (I) CREATING COMMUNITY CURRENCIES;
   (II) BUILDING BLOCKCHAIN-BACKED SOLUTIONS TO SUPPORT LOCAL GROWTH;
   (III)  LEARNING  HOW  TO IMPLEMENT COOPERATIVE AND PEER-TO-PEER ECONO-
 MIES;
   (IV) IMPLEMENTING STRATEGIES THAT WILL HELP COMMUNITIES CONNECT  UNMET
 NEEDS WITH RESOURCES; AND
   (V) COORDINATING EFFORTS TO TURN STUDENT DEBT INTO FUNCTIONING CURREN-
 CIES;
   (B)  CONDUCT WORKSHOPS ON FINANCIAL TOPICS AND OFFER FINANCIAL ASSIST-
 ANCE AND GUIDANCE TO LOCAL COMMUNITIES INTERESTED  IN  BUILDING  COOPER-
 ATIVE AND PEER-TO-PEER SYSTEMS; AND
   (C) ADVOCATE ON BEHALF OF BLOCKCHAIN STARTUPS AND COMPANIES FOCUSED ON
 BUILDING AND SUPPORTING LOCAL ECONOMIES.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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