NY State Senate Bill 2019-S6792

Archive: Last Bill Status - In Senate Committee Finance 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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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 08, 2020	referred to finance
Oct 23, 2019	referred to rules

co-Sponsors

2019-S6792 (ACTIVE) - Details

Current Committee:: Senate Finance
Law Section:: State Finance Law
Laws Affected:: Add §4-b, St Fin L; amd §301, Fin Serv L; amd §5, UDC Act

2019-S6792 (ACTIVE) - Summary

Establishes the empire state inclusive value ledger establishment and administration act to create a master account and system of individual wallets to make and receive payments to state entities and residents of the state.

2019-S6792 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S6792

SPONSOR: SALAZAR
 
TITLE OF BILL:  An act to amend the state finance law, the financial
services law and the New York state urban development corporation act,
in relation to establishing the empire state inclusive value ledger
establishment and administration act

 
PURPOSE OR GENERAL IDEA OF BILL:

The purpose of this bill is to create a universally trusted digital
debit-credit ledger system through which New York residents can accumu-
late and trade tax and other state remittance credits with businesses
and one another for the products and services that make up the day-to-
day business of life. This will amount to a "complementary currency"
system that fills all the gaps left by dollar-scarcity in presently
overlooked regions and sectors of New York and its economy. And this
will in turn massively boost commerce, productive activity, and wealth-
generation, throughout our state. Presently, communities leave untold
wealth, health, and value potential "on the table," by denying ourselves
the means of being rewarded in spendable form for much of the value we
add in our day-to-day lives. This is especially true of so-called "soft

work" - educating and mentoring of our youth, environmental cleanup and
preservation, community service and infrastructure-provision, care of
the ailing and elderly, etc. - that now goes monetarily uncompensated,
especially when done by women, young people, retirees, and other
concerned citizens.

 
SUMMARY OF PROVISIONS:

Section 1 states that the act shall be known as the "empire state inclu-
sive value ledger establishment and administration act".

Section 2 states the legislative intent of the act, which is to address
the fact that many New Yorkers lack access to retail banking services
that would allow them to accumulate, store, and transfer value on non-
exploitative terms. This leaves many New Yorkers marginalized and
excluded from interactions that are necessary for full participation in
society and it also impedes the growth of the state's economy and the
prosperity of its residents. The intent of the act is to address these
obstacles by creating a system of individual digital wallets or payment
accounts linked to a master account that would enable payments to move
to and from individual accounts. This would allow individuals to accumu-
late, store, grow and exchange value in real time with no fees or other
exploitative value extraction, assuring that all New Yorkers are

(a)"banked",

(b) able to create, receive and grow wealth, and

(c) empowered to participate fully in a growing state economy.

Section 3 amends the state finance law by adding a new section 4-b that
defines terms and establishes in the department of financial services a
value storage and payment platform to be known as the empire state
inclusive value ledger. This would consist of a digital master account
and a system of individual wallets. All funds disbursed to residents by
a state entity or state instrumentality shall be made out of the master
account to individual wallets. All residents would have the ability to
make payments to, and receive payments from other residents through
links among individual wallets on the value ledger.

Section 4 amends section 301 of the financial services law by adding a
new subdivision (d) granting the superintendent the power to direct the
department to establish and maintain the empire state inclusive value
ledger and coordinate with agencies in other US jurisdictions the regu-
latory needs raised by state value ledgers.

Section 5 amends section 5 of section 1 of chapter 174 of the laws of
1968, which established the New York urban development corporation act,
by adding new subdivisions 31, 32, and 33, to establish and maintain the
empire state inclusive value ledger, to explore and research interstate
compacts, and to explore and negotiate pilot programs enabling the
growth and spread of a value ledger system across the United States.

Section 6 is a severability provision.

Section 7 provides the effective date of the act, which is immediately
upon enactment.

 
JUSTIFICATION:

The Empire State Inclusive Value Ledger is a transformational new
savings and payments platform that will massively accelerate value
creation and commerce in the State of New York by steadily growing the
health and wealth of New York State citizens, businesses, and communi-
ties. The digital technology that undergirds it enables New Yorkers to
generate, capture, and exchange value that has gone untapped for liter-
ally centuries.

Presently we, our state, and our communities leave untold wealth,
health, and value potential "on the table," by denying ourselves the
means of being rewarded in spendable form for much of the value we add
in our day-to-day lives. This is especially true of so-called "soft
work" - educating and mentoring of our youth, environmental cleanup and
preservation, community service and infrastructure-provision, care of
the ailing and elderly, etc. - that now goes monetarily uncompensated,
especially when done by women, young people, retirees, and other
concerned citizens.

The Inclusive Value Ledger will capture and monetize the work of a stay-
at-home parent taking care of the family, a mentor looking after a
distressed youth, a volunteer cleaning up public parks, etc., and trans-
form it into spendable form by crediting those who do such work with
"care points" on a secure, smartphone-accessible digital ledger. These
points then can then be liquidated for other credits, services, or need-
ed products on the same platform; or can be "cashed in" for end-of-year
tax and other state remittance credits.

The new technology underlying this "Public Venmo" is a universally
trusted digital debit-credit ledger system through which New York resi-
dents can accumulate and trade tax and other state remittance credits
with businesses and one another for the products and services that make
up the day-to-day business of life. This will amount to a "complementary
currency" system that fills all the gaps left by dollar-scarcity in
presently overlooked regions and sectors of New York and its economy.

And this will in turn massively boost commerce, productive activity, and
wealth-generation, throughout our state.

Tax Credits and Benefits Estimate

Tax Credit or Benefit               Approximate Value of
                                    Disbursement/Cost of Service

Office of Temporary and Disabled    $1,404,346,000
Assistance(OTDA);Including public assistance,NYS SSI/SSP, SNAP

Earned Income Tax Credits           $2,069,164,000 (NYS+NYC)

Noncustodial Earned Income Tax      $2,467,000 Credits(NYS+NYC)

Real Property Tax Credit            $20,539,000

School Tax Relief Program (STAR)    $2,175,995,000

Child and Dependent Care            $155,127,000 Tax Credits

Student Grant and Award Programs    $1,184,945,000

Medicaid                            $47,551,153,000

AIDS Institute                      $103,495,000

Essential Plan                      $431,367,000

Children's Health Insurance         $482,087,000

Elderly Pharmaceutical insurance    $132,580,000 Coverage

Total Sum: $55,713,265,000 (approx. $55.7 billion)

Like fertile soil that has long gone unwatered, New York's "care econo-
my," "community economies," and broader economy will bloom into abun-
dance - abundance that just isn't possible when pervasive community-
work, care-work, and so-called "women's work" goes uncompensated and
non-transferrable. By enabling all forms of value to be stored, saved
and transferred in spendable form, the inclusive value ledger will boost
commerce and care, enabling all New Yorkers and their communities not
only to grow, but to flourish.

 
PRIOR LEGISLATIVE HISTORY:

This is new legislation.

 
FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This bill shall take effect immediately.

2019-S6792 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6792
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             October 23, 2019
                                ___________
 
 Introduced  by  Sen. SALAZAR -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the state finance law, the financial  services  law  and
   the  New  York state urban development corporation act, in relation to
   establishing the empire state inclusive value ledger establishment and
   administration act
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  This  act  shall be known and may be cited as the "empire
 state inclusive value ledger establishment and administration act".
   § 2. Legislative intent. Many New  Yorkers,  be  they  individuals  or
 small businesses, lack access to retail banking services that can enable
 them  to  accumulate,  store,  and  transfer value in simple commercial,
 financial, testamentary and gift transactions on non-exploitative terms.
 Many New Yorkers also lack access to basic retail payment services  that
 can  enable  them to exchange value for value in retail and other trans-
 actions on non-exploitative terms. The aforementioned failures of access
 operate not only to marginalize and exclude large numbers of New Yorkers
 from ordinary interactions of the kind that underwrite  full  membership
 in society, but also to impede or obstruct multiple commercial and other
 transactions  that  determine  the size and scope of the state's economy
 and the prosperity of its residents. Since a money or currency  is  what
 'counts'  in  a  system  of  value accounting, storage, and payment, the
 aforementioned failures of access also operate to limit  the  state  and
 its  localities' aggregate currency supplies, which in turn prevents the
 remuneration of many value-adding  activities,  including  care  of  the
 needy,  maintenance  of  local  infrastructures,  and provision of other
 public goods. As a result, the failures of access discourage such  valu-
 able activities from being undertaken at all.
   A  system of individual digital wallets or payment accounts, linked to
 a single master account that enables payments to move between such indi-
 vidual wallets or payment accounts, is now easy to construct and  admin-
 ister  with the use of secure digital payment technologies. The state of
 New York annually disburses more than fifty-five billion dollars in  the

 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13914-01-9

 S. 6792                             2
 
 form  of  tax  credits, procurement payments, pension payouts, and other
 program disbursals, all of which can readily be disbursed via  a  system
 of individual wallets or accounts linked to a master account.  The state
 of  New  York  also receives billions of dollars annually in the form of
 service payments, tax monies, licensing  fees,  civil  fines  and  other
 remittances, all of which can be readily paid into a master account from
 individual wallets or accounts of the kind just described.
   A system of individual digital wallets or payment accounts linked to a
 master account could accordingly function as a state-provided and admin-
 istered  payment  infrastructure,  in  and  through which value could be
 accumulated, stored, grown and exchanged in 'real-time,'  with  no  need
 for fees or other forms of exploitative value extraction, thereby assur-
 ing  that  all New Yorkers are (a) 'banked,' (b) able to create, receive
 and grow wealth, and (c) empowered to participate  fully  in  a  growing
 state economy suffering no shortage of currency or forgoing of commerce.
   §  3.  The state finance law is amended by adding a new section 4-b to
 read as follows:
   § 4-B. EMPIRE STATE INCLUSIVE VALUE LEDGER ESTABLISHMENT AND  ADMINIS-
 TRATION.  1.  DEFINITIONS.  AS USED IN THIS SECTION, THE FOLLOWING TERMS
 SHALL HAVE THE FOLLOWING MEANINGS:
   A. "MASTER ACCOUNT" MEANS A DIGITAL ACCOUNT WHICH ENABLES PAYMENTS  TO
 BE TRANSFERRED BETWEEN INDIVIDUAL WALLETS.
   B. "INDIVIDUAL WALLET" MEANS A DIGITAL ACCOUNT WHICH: (I) IS LINKED TO
 A  MASTER ACCOUNT; (II) ENABLES A RESIDENT TO SEND OR RECEIVE PAYMENT TO
 ANY ENTITY OF THE STATE OR TO ANOTHER RESIDENT; (III) ALLOWS VALUE TO BE
 ACCUMULATED, STORED, GROWN AND EXCHANGED; AND
   (IV) IS NOT SUBJECT TO FEES OR OTHER VALUE EXTRACTION FOR USE  OF  THE
 INDIVIDUAL WALLET.
   C. "RESIDENT" MEANS AN INDIVIDUAL OR A DOMESTIC CORPORATION OR FOREIGN
 CORPORATION AUTHORIZED TO DO BUSINESS IN THE STATE.
   D. "VALUE LEDGER" MEANS THE EMPIRE STATE INCLUSIVE VALUE LEDGER ESTAB-
 LISHED PURSUANT TO SUBDIVISION TWO OF THIS SECTION.
   E.  "STATE  ENTITY"  MEANS  ANY  DEPARTMENT,  BOARD, BUREAU, DIVISION,
 COMMISSION, COMMITTEE, COUNCIL, OFFICE OF THE STATE,  OR  OTHER  GOVERN-
 MENTAL ENTITY WITH STATEWIDE JURISDICTION.
   F.  "PAYMENT  SERVICE  PROVIDER" MEANS AN ENTITY WHICH PROVIDES ONLINE
 SERVICES FOR ACCEPTING ELECTRONIC PAYMENTS  BY  A  VARIETY  OF  METHODS,
 INCLUDING,  BUT  NOT  LIMITED TO, BY CREDIT CARD, DIRECT DEBIT, AND BANK
 TRANSFER.
   2. THE DEPARTMENT OF  FINANCIAL  SERVICES,  IN  COOPERATION  WITH  THE
 DEPARTMENT  OF  TAXATION  AND  FINANCE, THE OFFICE OF THE NEW YORK STATE
 COMPTROLLER, THE NEW YORK STATE AND LOCAL RETIREMENT SYSTEM, THE DEPART-
 MENT OF LABOR, AND THE DEPARTMENT  OF  SOCIAL  SERVICES  SHALL  DEVELOP,
 ESTABLISH, AND MAINTAIN A VALUE STORAGE AND PAYMENT PLATFORM TO BE KNOWN
 AS  THE  EMPIRE STATE INCLUSIVE VALUE LEDGER. THE EMPIRE STATE INCLUSIVE
 VALUE LEDGER SHALL CONSIST OF A DIGITAL MASTER ACCOUNT AND COORDINATE  A
 SYSTEM  OF INDIVIDUAL WALLETS WHICH SHALL BE MAINTAINED AND ADMINISTERED
 BY THE URBAN DEVELOPMENT CORPORATION AS DESCRIBED HEREIN.
   3. ALL FUNDS DISBURSED TO RESIDENTS BY A STATE  ENTITY  OR  ANY  OTHER
 STATE  INSTRUMENTALITY  SHALL BE MADE OUT OF THE MASTER ACCOUNT TO INDI-
 VIDUAL WALLETS LINKED TO THE MASTER ACCOUNT VIA THE VALUE LEDGER AND ANY
 REMITTANCE MADE TO A STATE ENTITY OR OTHER STATE  INSTRUMENTALITY  BY  A
 RESIDENT  SHALL  BE  PERMITTED TO BE MADE, AT THE OPTION OF THE RESIDENT
 MAKING THE REMITTANCE, FROM THE RESIDENT'S INDIVIDUAL WALLET.
   4. ALL RESIDENTS SHALL HAVE THE  ABILITY  TO  MAKE  PAYMENTS  TO,  AND
 RECEIVE  PAYMENTS  FROM,  OTHER RESIDENTS THROUGH LINKS AMONG INDIVIDUAL

 S. 6792                             3
 
 WALLETS ON THE VALUE LEDGER. EACH PAYMENT SHALL BE EFFECTED BY A  SIMUL-
 TANEOUS CREDITING OF THE PAYEE'S INDIVIDUAL WALLET AND AN EQUAL DEBITING
 OF  THE  PAYER'S  INDIVIDUAL  WALLET.  SUCH PAYMENTS SHALL BE ABLE TO BE
 DIRECTED  BY  THE  MEANS  OF  PAYMENT CARDS, WIRE SERVICES, SMART-DEVICE
 APPS, OR OTHER ELECTRONIC FUNDS TRANSFER.
   5. ANY RESIDENT MAKING PAYMENT TO,  OR  RECEIVING  PAYMENT  FROM,  ANY
 OTHER  RESIDENT  MAY  REQUIRE  THAT  THE  PAYEE  OR PAYER ACCEPT OR MAKE
 PAYMENT VIA THE SYSTEM  OF  INDIVIDUAL  WALLETS  ON  THE  VALUE  LEDGER;
 PROVIDED,  HOWEVER,  THAT  RESIDENTS  WHO  MAKE  PAYMENTS TO, OR RECEIVE
 PAYMENTS FROM, OTHER RESIDENTS SHALL NOT BE REQUIRED  TO  TRANSACT  WITH
 EACH  OTHER ON THE VALUE LEDGER IN THE EVENT THAT NO PARTY TO THE TRANS-
 ACTION OPTS TO DO SO AND FURTHER PROVIDED THAT  NO  TRANSACTING  PARTY'S
 OPTING NOT TO DO SO IS COERCED BY ANY OTHER TRANSACTING PARTY OR ASSOCI-
 ATES OF SUCH TRANSACTING PARTY.
   6.  ANY  COMMERCIAL  BANK,  OTHER  FINANCIAL  INSTITUTION,  OR PAYMENT
 SERVICE PROVIDER DOING BUSINESS IN THE STATE SHALL BE REQUIRED TO:
   A. PROVIDE FOR FULL INTEROPERABILITY BETWEEN INDIVIDUAL WALLETS ON THE
 VALUE LEDGER AND ANY DEMAND DEPOSIT OR TRANSACTION ACCOUNT MAINTAINED BY
 THE COMMERCIAL BANK, OTHER FINANCIAL  INSTITUTION,  OR  PAYMENT  SERVICE
 PROVIDER FOR THE HOLDERS OF SUCH INDIVIDUAL WALLETS; AND
   B.  PERMIT ALL HOLDERS OF INDIVIDUAL WALLETS TO MAKE DEPOSITS INTO AND
 WITHDRAWALS  FROM  SUCH  INDIVIDUAL  WALLET  VIA  ANY  AUTOMATED  TELLER
 MACHINE,  TELLER  WINDOW,  OR  OTHER  DEPOSIT OR WITHDRAWAL FACILITY THE
 BANK, FINANCIAL INSTITUTION,  OR  PAYMENT  SERVICE  PROVIDER  OFFERS  TO
 CUSTOMERS.  THERE  SHALL  BE  NO  PECUNIARY OR OTHER CHARGE ASSESSED FOR
 ACCESS TO INDIVIDUAL WALLETS; ANY COSTS ASSOCIATED WITH  ACCESS  TO  AND
 USE  OF  INDIVIDUAL  WALLETS  SHALL  BE  CONSIDERED  AN INCIDENT OF SUCH
 COMMERCIAL BANK, OTHER FINANCIAL INSTITUTION, OR PAYMENT SERVICE PROVID-
 ER'S STATUS AS A PUBLICLY LICENSED FINANCIAL UTILITY.
   7. THE DEPARTMENT OF FINANCIAL SERVICES SHALL ALSO  DEVELOP  AND  MAKE
 AVAILABLE AT NO COST A DOWNLOADABLE SMART-DEVICE APPLICATION TO BE KNOWN
 AS  THE  EMPIRE STATE INCLUSIVE VALUE LEDGER APP THROUGH WHICH RESIDENTS
 CAN ACCESS AND RECEIVE AND MAKE PAYMENTS  INTO  AND  OUT  OF  INDIVIDUAL
 WALLETS.  ALL  ENTITIES  OPERATING IN THE STATE THAT ACCEPT PAYMENTS VIA
 SMART-DEVICE APPLICATIONS OF  ANY  KIND  SHALL  BE  REQUIRED  TO  ACCEPT
 PAYMENTS  VIA  THE  VALUE  LEDGER APPLICATION AT THE OPTION OF ANY PAYER
 WISHING TO PAY VIA SUCH VALUE LEDGER APPLICATION.
   8. THE DEPARTMENT OF TAXATION AND FINANCE,  THE  NEW  YORK  STATE  AND
 LOCAL  RETIREMENT  SYSTEM, AND THE DEPARTMENT OF SOCIAL SERVICES, AS THE
 STATE'S PRINCIPAL DISBURSERS AND RECEIVERS OF FUNDS, CREDITS, AND REMIT-
 TANCES, SHALL EXERCISE SPECIAL CARE IN ASSISTING WITH AND PROMOTING  THE
 ESTABLISHMENT AND WIDE USE OF THE VALUE LEDGER PAYMENTS SYSTEM, IN ORDER
 TO HASTEN BOTH:
   A.  THE FULL 'BANKING' OF THE STATE'S 'UNBANKED' INDIVIDUALS AND SMALL
 BUSINESSES; AND
   B. INCLUSION OF THE STATE'S CURRENTLY MARGINALIZED  RESIDENTS  IN  THE
 PROCESS OF VALUE CREATION, WEALTH ACCUMULATION, AND COMMERCIAL EXCHANGE.
   9. THE DEPARTMENT OF FINANCIAL SERVICES SHALL:
   A.  ENSURE  COMPLIANCE BY ALL BANKS, OTHER FINANCIAL INSTITUTIONS, AND
 PAYMENT SERVICE PROVIDERS WITH THE REQUIREMENTS OF THIS SECTION;
   B. PROHIBIT AND PREVENT ANY OTHER PERSON OR COMPANY IN  THE  FINANCIAL
 SERVICES  OR  PAYMENTS  INDUSTRIES  FROM  EXPLOITING VALUE LEDGER WALLET
 HOLDERS OR OTHERWISE SUBVERTING THE VALUE-CREATING AND  COMMERCE-PROMOT-
 ING  PURPOSES  OF THIS SECTION, INCLUDING BY OFFERING ADVANCES ON ANTIC-
 IPATED STATE REMITTANCES FOR FEES; AND

 S. 6792                             4

   C. ENSURE COMPLIANCE WITH STATE BANKING, REGULATORY, AND  DIGITAL  AND
 FINANCIAL  PRIVACY LAWS BY ALL ENTITIES THAT OVERSEE OR TRANSACT VIA THE
 VALUE LEDGER. THE DEPARTMENT, IN COORDINATION WITH THE URBAN DEVELOPMENT
 CORPORATION, SHALL ALSO COORDINATE WITH ANY RELEVANT  REGULATORY  AGENCY
 OF  THE UNITED STATES TO ENSURE COMPLIANCE WITH FEDERAL BANKING, REGULA-
 TORY, EMPLOYEE BENEFIT AND ANY OTHER APPLICABLE FEDERAL LAWS.
   10. THE DEPARTMENT OF FINANCIAL SERVICES SHALL BE AUTHORIZED TO  COOR-
 DINATE  WITH ITS COUNTERPART AGENCIES IN OTHER STATES AND TERRITORIES OF
 THE UNITED STATES IN CONNECTION WITH ANY COMMON REGULATORY NEEDS  IMPLI-
 CATED OR CHALLENGES RAISED BY STATE VALUE LEDGERS.
   §  4. Section 301 of the financial services law is amended by adding a
 new subdivision (d) to read as follows:
   (D) THE SUPERINTENDENT SHALL HAVE THE POWER TO DIRECT  THE  DEPARTMENT
 TO  DEVELOP,  ESTABLISH,  AND  MAINTAIN THE EMPIRE STATE INCLUSIVE VALUE
 LEDGER ESTABLISHED PURSUANT TO SECTION FOUR-B OF THE STATE FINANCE  LAW.
 THE SUPERINTENDENT SHALL ALSO HAVE THE POWER TO DIRECT THE DEPARTMENT TO
 COORDINATE  WITH  AGENCIES IN OTHER STATES AND TERRITORIES OF THE UNITED
 STATES THE REGULATORY NEEDS OR CHALLENGES RAISED BY STATE VALUE LEDGERS.
   § 5. Section 5 of section 1 of  chapter  174  of  the  laws  of  1968,
 constituting  the  New  York state urban development corporation act, is
 amended by adding three new subdivisions  31,  32  and  33  to  read  as
 follows:
   (31)  TO  MAINTAIN AND ADMINISTER, IN CONSULTATION WITH THE DEPARTMENT
 OF FINANCIAL SERVICES, THE DEPARTMENT OF LABOR, AND  THE  DEPARTMENT  OF
 SOCIAL  SERVICES,  THE  EMPIRE  STATE INCLUSIVE VALUE LEDGER ESTABLISHED
 PURSUANT TO SECTION FOUR-B OF THE STATE FINANCE  LAW,  WITH  A  VIEW  TO
 ENCOURAGING  THE  EXPANSION OF COMMERCE AND THE BROAD GROWTH AND ACCUMU-
 LATION OF WEALTH IN THE STATE.
   (32) TO EXPLORE AND NEGOTIATE POSSIBLE  INTERSTATE  COMPACTS  ENABLING
 THE GROWTH OF A VALUE LEDGER SYSTEM ACROSS MULTIPLE STATES, REGIONS, AND
 TERRITORIES  OF  THE  UNITED  STATES.  THE CORPORATION, AS THE PRINCIPAL
 ADMINISTRATOR OF THE EMPIRE STATE INCLUSIVE VALUE  LEDGER,  SHALL  REACH
 OUT  TO  AND  CONSULT  WITH COUNTERPART AGENCIES IN OTHER STATES, WITH A
 VIEW TO ASSISTING WITH THE DEVELOPMENT  OF  SIMILAR  VALUE  STORAGE  AND
 PAYMENT  PLATFORMS  IN  SUCH  STATES  AND  WITH THE GOAL OF THE POSSIBLE
 INTEROPERABILITY OF SUCH PLATFORMS WITH THE EMPIRE STATE INCLUSIVE VALUE
 LEDGER.
   (33) TO EXPLORE AND NEGOTIATE POSSIBLE  PILOT  PROGRAMS  ENABLING  THE
 GROWTH  AND  SPREAD  OF  A VALUE LEDGER SYSTEM ACROSS THE BROADER UNITED
 STATES.  AS THE PRINCIPAL ADMINISTRATOR OF THE  EMPIRE  STATE  INCLUSIVE
 VALUE LEDGER ESTABLISHED PURSUANT TO SECTION FOUR-B OF THE STATE FINANCE
 LAW,  THE  CORPORATION  SHALL  BE AUTHORIZED TO REACH OUT TO AND CONSULT
 WITH THE FEDERAL RESERVE BANK OF NEW YORK, THE FEDERAL RESERVE BOARD  OF
 THE  UNITED STATES, AND THE DEPARTMENT OF TREASURY OF THE UNITED STATES,
 WITH A VIEW TO POSSIBLY ASSISTING SUCH ENTITIES WITH THE DEVELOPMENT  OF
 A  NATIONAL  VALUE  STORAGE  AND  PAYMENT PLATFORM SIMILAR TO THE EMPIRE
 STATE INCLUSIVE VALUE LEDGER.
   § 6. Severability. If any provision of this act, or any application of
 any provision of this act, is held to be invalid, that shall not  affect
 the  validity or effectiveness of any other provision of this act, or of
 any other application of any provision of this act, which can  be  given
 effect  without  that  provision  or  application;  and to that end, the
 provisions and applications of this act are severable.
   § 7. This act shall take effect immediately.

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Senate Bill S6792

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance Committee

co-Sponsors

2019-S6792 (ACTIVE) - Details

2019-S6792 (ACTIVE) - Summary

2019-S6792 (ACTIVE) - Sponsor Memo

2019-S6792 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S6792

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Sponsored By

Julia Salazar

Archive: Last Bill Status - In Senate Committee Finance Committee

co-Sponsors

Zellnor Myrie

2019-S6792 (ACTIVE) - Details

2019-S6792 (ACTIVE) - Summary

2019-S6792 (ACTIVE) - Sponsor Memo

2019-S6792 (ACTIVE) - Bill Text download pdf

Comments