A task force to study options and make recommendations for a plan to implement a municipal public bank.

This bill would create a task force to study the potential for a public bank sponsored by the city, recommend a draft plan of governance and charter requirements proposed under New York Senate Bill S.1754 for the year 2023, and issue a report on their findings. The task force shall consist of three members appointed by the mayor, one of whom shall be the commissioner of finance or their designee, one of whom shall be the commissioner of consumer and worker protection or their designee, and one of whom shall be a representative of a labor organization; three members appointed by the comptroller, one of whom must have community banking experience; and three members appointed by the speaker of the council, one of whom must be a representative of a small business association and one of whom must be a member of a community-based organization responsible for community development, economic development, and/or consumer protection. The chair of the task force shall be named from the speaker’s appointees. The task force final report shall be due no later than one year from its first meeting and disband 180 days after submission of the report.