S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8459
 
                             I N  S E N A T E
 
                               June 3, 2020
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Commerce, Economic  Devel-
   opment and Small Business
 
 AN  ACT to amend the economic development law, in relation to establish-
   ing the COVID-19 Recovery Commission
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  economic  development law is amended by adding a new
 article 23 to read as follows:
                                ARTICLE 23
                       COVID-19 RECOVERY COMMISSION
 
 SECTION 460. COVID-19 RECOVERY COMMISSION.
         461. POWERS AND DUTIES OF THE COMMISSION.
         462. REPORTING.
         463. ASSISTANCE OF OTHER AGENCIES.
   § 460. COVID-19 RECOVERY COMMISSION. 1. THERE IS HEREBY ESTABLISHED IN
 THE DEPARTMENT A COMMISSION,  TO  BE  KNOWN  AS  THE  COVID-19  RECOVERY
 COMMISSION.
   2.  SUCH  COMMISSION  SHALL CONSIST OF THE DIRECTOR OF THE BUDGET, THE
 PRESIDENT OF THE EMPIRE STATE DEVELOPMENT CORPORATION,  THE  SUPERINTEN-
 DENT  OF  THE  DEPARTMENT  OF  FINANCIAL  SERVICES, THE PRESIDENT OF THE
 METROPOLITAN TRANSPORTATION AUTHORITY, THE PRESIDENT OF THE PORT AUTHOR-
 ITY, THE PRESIDENT OF THE DORMITORY AUTHORITY, THE COMMISSIONER  OF  THE
 DEPARTMENT  OF  HEALTH  AND  ALL  OTHER STATE COMMISSIONERS IN CHARGE OF
 FINANCING AS DETERMINED BY  THE  GOVERNOR.  THE  COMMISSION  SHALL  ALSO
 INCLUDE REPRESENTATIVES OF THE STATE'S PRINCIPAL SUBDIVISIONS AND APPRO-
 PRIATE  PUBLIC  FINANCE  PERSONNEL  APPOINTED  AS FOLLOWS: THREE MEMBERS
 SHALL BE APPOINTED BY THE GOVERNOR, TWO MEMBERS SHALL  BE  APPOINTED  BY
 THE TEMPORARY PRESIDENT OF THE SENATE, TWO MEMBERS SHALL BE APPOINTED BY
 THE SPEAKER OF THE ASSEMBLY, ONE MEMBER SHALL BE APPOINTED BY THE MINOR-
 ITY  LEADER  OF  THE  SENATE,  AND  ONE MEMBER SHALL BE APPOINTED BY THE
 MINORITY LEADER OF THE ASSEMBLY.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD16226-03-0

 S. 8459                             2
 
   3. THE COMMISSION MEMBERS SHALL  BE  APPOINTED  IMMEDIATELY  UPON  THE
 EFFECTIVE  DATE  OF  THIS ARTICLE AND SHALL MEET PUBLICLY AT LEAST EVERY
 WEEK THEREAFTER.
   §  461. POWERS AND DUTIES OF THE COMMISSION. THE COMMISSION SHALL HAVE
 THE FOLLOWING POWERS AND DUTIES:
   1. TO DETERMINE HOW MUCH FUNDING TO SEEK  AND  WHOM  TO  AUTHORIZE  TO
 BEGIN PREPARATIONS FOR THE NEW ISSUANCES THAT THE STATE AND ITS SUBDIVI-
 SIONS WILL SELL TO THE FEDERAL RESERVE MUNICIPAL LIQUIDITY FACILITY.
   2.  TO CONSULT WITH REPRESENTATIVES OF THE FEDERAL RESERVE BANK OF NEW
 YORK (ACTING IN AN EX OFFICIO CAPACITY IF NECESSARY).
   3. TO DETERMINE APPROPRIATE STATE AND LOCAL PERSONNEL TO HANDLE  NOTE-
 ISSUING AND FEDERAL RESERVE-LIAISING TASKS.
   4. TO GATHER INFORMATION, TESTIMONY, ADVICE AND ALL OTHER DELIBERATIVE
 INPUTS NECESSARY TO MAKE SENSIBLE ALLOCATION DECISIONS IN RESPECT OF THE
 NEW FUNDING AND RECOVERY EFFORTS RELATED TO NOVEL CORONAVIRUS, COVID-19,
 THAT  WILL  BE  INCOMING  FROM  THE  FEDERAL RESERVE MUNICIPAL LIQUIDITY
 FACILITY.
   5. TO DETERMINE WHETHER TO APPROACH THE FEDERAL  RESERVE  FOR  FURTHER
 EASING  OF THE TERMS OF THE FEDERAL RESERVE MUNICIPAL LIQUIDITY FACILITY
 TERM SHEET.
   6. THE COMMISSION SHALL ALSO, ONCE THE  MUNICIPAL  LIQUIDITY  FACILITY
 APPLICATION AND ASSOCIATED NOTE-ISSUANCE PROCESS IS UNDERWAY, DETERMINE:
   (A)  WHETHER  THE STATE MIGHT BENEFIT BY ESTABLISHING A PUBLIC BANK TO
 MANAGE, AND PERHAPS "LEVER-UP" THROUGH LENDING OF ITS OWN ON  THE  BASIS
 OF SUCH DEPOSITS AND/OR CAPITALIZATION AS IT RECEIVES, MUNICIPAL LIQUID-
 ITY  FACILITY FUNDS AND SUCH OTHER FUNDS AS THE STATE MIGHT RECEIVE (FOR
 EXAMPLE, FEDERAL PAYCHECK PROTECTION PROGRAM OR FEDERAL  SMALL  BUSINESS
 ADMINISTRATION  ECONOMIC  INJURY DISASTER LOAN MONEYS) OR MAKE AVAILABLE
 FOR PURPOSES OF COVID-19 RELIEF;
   (B) WHETHER A PUBLIC BANK SUCH AS THAT CONTEMPLATED IN  PARAGRAPH  (A)
 OF  THIS SUBDIVISION, OR SOME OTHER STATE INSTRUMENTALITY FROM AMONG THE
 AUTHORITIES NAMED IN THIS ARTICLE, MIGHT BENEFIT THE STATE BY FUNDING  A
 COMPREHENSIVE  "GOLD  STANDARD"  SYSTEM  OF  TESTING AND CONTACT-TRACING
 PERSONS RESIDING OR DOING BUSINESS IN THE STATE FOR COVID-19 INFECTION;
   (C) WHETHER A PUBLIC BANK SUCH AS THAT CONTEMPLATED IN  PARAGRAPH  (A)
 OF  THIS SUBDIVISION, OR SOME OTHER STATE INSTRUMENTALITY FROM AMONG THE
 AUTHORITIES NAMED IN THIS ARTICLE, MIGHT BENEFIT THE STATE BY  COMPULSO-
 RILY  PURCHASING, THROUGH USE OF THE EMINENT DOMAIN AUTHORITY, ALL NURS-
 ING HOMES IN THE STATE OWNED  BY  FOR-PROFIT  PRIVATE  SECTOR  ENTITIES,
 PRIVATE EQUITY FUNDS IN PARTICULAR;
   (D)  WHETHER  A PUBLIC BANK SUCH AS THAT CONTEMPLATED IN PARAGRAPH (A)
 OF THIS SUBDIVISION, OR SOME OTHER STATE INSTRUMENTALITY FROM AMONG  THE
 AUTHORITIES  NAMED IN THIS ARTICLE, MIGHT BENEFIT THE STATE BY AFFORDING
 LOWER-INCOME RESIDENTS OF THE STATE ANY FORM OF TEMPORARY RENT RELIEF OR
 MORTGAGE DEBT RELIEF;
   (E) WHETHER A PUBLIC BANK SUCH AS THAT CONTEMPLATED IN  PARAGRAPH  (A)
 OF  THIS SUBDIVISION, OR SOME OTHER STATE INSTRUMENTALITY FROM AMONG THE
 AUTHORITIES NAMED IN THIS ARTICLE, MIGHT BENEFIT THE STATE OF  NEW  YORK
 BY USING FEDERAL PAYCHECK PROTECTION PROGRAM MONEYS, FEDERAL SMALL BUSI-
 NESS  ADMINISTRATION  ECONOMIC  INJURY  DISASTER  LOAN  MONEYS, OR OTHER
 MONEYS EITHER TO KEEP WORKERS EMPLOYED BY THEIR  PRESENT  EMPLOYERS  OR,
 BARRING  THAT,  TO ASSIST WORKERS IN PURCHASING EQUITY STAKES IN OR FULL
 OWNERSHIP OF THE FIRMS THAT EMPLOY THEM; AND
   (F) WHETHER A PUBLIC BANK SUCH AS THAT CONTEMPLATED IN  PARAGRAPH  (A)
 OF  THIS SUBDIVISION, OR SOME OTHER STATE INSTRUMENTALITY FROM AMONG THE
 AUTHORITIES NAMED IN THIS ARTICLE, MIGHT BENEFIT THE STATE IN SOME OTHER

 S. 8459                             3
 
 MANNER OR MANNERS THROUGH DIRECT  OR  INDIRECT  USE  OF  NEWLY  ACQUIRED
 FEDERAL   MUNICIPAL  LIQUIDITY  FACILITY,  FEDERAL  PAYCHECK  PROTECTION
 PROGRAM, OR FEDERAL SMALL BUSINESS ADMINISTRATION ECONOMIC INJURY DISAS-
 TER LOAN FUNDS.
   §  462.  REPORTING.  THE  COMMISSION  SHALL REPORT ITS FINDINGS TO THE
 GOVERNOR AND THE LEGISLATURE WITHIN ONE MONTH OF THE EFFECTIVE  DATE  OF
 THIS  ARTICLE  AND  MONTHLY  THEREAFTER.    UPON THE TRANSMISSION OF THE
 REPORT TO THE GOVERNOR AND THE LEGISLATURE, THE COMMISSIONER SHALL WITH-
 IN THIRTY DAYS DETERMINE WHETHER THE COMMISSION SHALL CONTINUE IN OPERA-
 TION, OR WHETHER IT SHALL BE CHANGED IN SOME MANNER, OR WHETHER IT SHALL
 BE DISSOLVED, AND SHALL REPORT HIS OR HER FINDINGS  AND  RECOMMENDATIONS
 TO THE GOVERNOR AND THE LEGISLATURE.
   §  463.  ASSISTANCE  OF  OTHER AGENCIES. TO EFFECTUATE THE PURPOSES OF
 THIS ARTICLE, THE COMMISSION MAY REQUEST  AND  SHALL  RECEIVE  FROM  ANY
 DEPARTMENT,  DIVISION,  BOARD,  BUREAU,  COMMISSION  OR  OTHER AGENCY OR
 AUTHORITY OF THE STATE SUCH ASSISTANCE, INFORMATION  AND  DATA  AS  WILL
 ENABLE  THE  COMMISSION  TO  PROPERLY CARRY OUT ITS POWERS AND DUTIES AS
 DESCRIBED IN SECTION  FOUR  HUNDRED  SIXTY-ONE  OF  THIS  ARTICLE.  SUCH
 ASSISTANCE  SHALL NOT WAIVE OR IMPAIR THE TERMS OF AN EXISTING AGREEMENT
 NEGOTIATED BETWEEN THE RELEVANT EMPLOYER AND EMPLOYEE  ORGANIZATION  NOR
 LIMIT  ANY  OBLIGATION  TO  BARGAIN  TERMS  AND CONDITIONS OF EMPLOYMENT
 PURSUANT TO ARTICLE FOURTEEN OF THE CIVIL SERVICE LAW.
   § 2. This act shall take effect immediately.