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Who cares
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Sponsors
No co-sponsors yet.
History
- Reported and committed to finance
- Print number 5946b
- Amend and recommit to banks
- Referred to banks
- Print number 5946a
- Amend and recommit to rules
- Referred to rules
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the banking law, in relation to establishing the empire state commission to improve the regulation of financial services
Purpose
This legislation creates a twenty six member commission aimed at improving the regulations of the financial services industry.
Summary of provisions
Section 1 is the Legislative intent explaining the necessity for the creation of the Empire State Commission to Improve the Regulation of Financial Services.
Further this section states that their shall be 26 members, ten appointed by the Governor, five by the temporary president of the Senate, 5 by the Speaker of the Assembly, two by the minority leader of the Senate, two by the minority leader of the Assembly, as well as the Attorney General and State Comptroller.
This section also contains the purpose of this commission which is to conduct a comprehensive review of New York's financial services, statutes, rules, regulations and policies in order to modernize them and reduce unnecessary burdens on business. This section also allows for specific criteria on how to accomplish the Commission's task.
Section 2 is the effective date.
Justification
Since New York is the financial capital of the world we must be ever vigilant in ensuring that the laws and regulations of this state both protect individual investors while ensuring that the financial market has the ability to grow without unnecessary regulation from the state of New York. This legislation seeks to create a Commission consisting of 26 various stakeholders whom are tasked with making recommendations as to what this State should be doing in order to protect New Yorkers from future abuse by unscrupulous individuals while promoting innovative and effective financial regulation.
Legislative history
New Bill.
Fiscal impact on the state
None
Effective date
This act shall take immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.