What's happening
This bill creates the Office of Financial Resilience to support local economies with innovative financial models, including community currencies and blockchain solutions.
Why it matters
Establishes a dedicated office within the state banking department to focus on financial innovation at the community level. , signaling a shift toward supporting alternative economic structures beyond traditional banking.
Empowers local communities to experiment with and adopt solutions like community currencies and blockchain-backed platforms. , potentially increasing economic resilience and self-sufficiency, especially in areas underserved by conventional financial institutions.
Provides state-supported education, financial guidance, and advocacy for new cooperative and peer-to-peer economic models. , which may encourage grassroots economic activity and foster entrepreneurship in innovative sectors.
Explores novel concepts such as leveraging student debt as a form of local currency. , indicating a willingness to rethink and repurpose existing financial challenges into community assets—an approach that could inspire broader financial reforms.
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Who cares
Headline styles
Create Financial Resilience Office
Plain English, a few words. Used as the page title.
Sponsors
Assembly Member · Assembly District 40
3 Co-sponsors
History
- Referred to banks
- Referred to banks
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Create Financial Resilience Office
In Senate Committee · Banks · Sponsor Kevin S. Parker
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2239
2019-2020 Regular Sessions
IN ASSEMBLY
January 22, 2019
Introduced by M. of A. KIM, RA, D'URSO, 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 Assembly, 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 superintendent 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 responsibility 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 economies;
(iv) implementing strategies that will help communities connect unmet needs with resources; and
(v) coordinating efforts to turn student debt into functioning currencies;
(b) conduct workshops on financial topics and offer financial assistance and guidance to local communities interested in building cooperative 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.
LBD03975-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.