State bank commission.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill establishes the State Bank Act and creates the State Bank Commission within the Governor’s Office of Business and Economic Development. The commission’s primary goal is to develop a plan for creating a state-owned depository bank, referred to as an ‘IBank,’ to support economic development and public-purpose financing. The bill requires the commission to develop a comprehensive state bank plan, solicit public input, and ultimately vote on whether to adopt the plan, with the intention of centralizing state financial programs and prioritizing projects like affordable housing and climate resilience.
Key provisions
- Creates the State Bank Commission within the Governor’s Office of Business and Economic Development.
- Requires the commission to develop a state bank plan addressing capitalization, deposit guarantees, and backstop mechanisms.
- Mandates at least two public hearings to gather public input on the state bank plan.
- Sets a deadline for the commission to vote on and adopt the state bank plan by July 1, 2028.
- Requires the commission to publish the adopted state bank plan on its website.
- Addresses state guarantee of public deposits, including those held by public banks.
- Includes provisions for prioritizing public-purpose financing in areas like affordable housing, climate resilience, and small business development.
- Establishes a five-year business plan for the state bank, considering partnerships with local financial institutions.
Who is affected
Bill text
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