Assembly Bill A3099

2021-2022 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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2021-A3099 (ACTIVE) - Details

See Senate Version of this Bill:
S5643
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §46, Bank L
Versions Introduced in Other Legislative Sessions:
2017-2018: A11309, S9156
2019-2020: A2239, S5060
2023-2024: S7207

2021-A3099 (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.

2021-A3099 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3099
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             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:

   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.

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