Riley introduces Intro 981 on municipal public bank task force

Thank you, Majority Leader.

Today I'm proud to introduce Intro 981, legislation that takes an important first step toward exploring how New York City can expand access to responsible, community-focused financial investments.

This bill establishes a task force to study the feasibility of creating a municipal public bank and to develop recommendations for what such an institution could look like here in New York City.

Bringing together experts in community banking, small businesses, labor, economic development, and consumer advocacy will ensure this conversation is informed by a broad range of perspectives and grounded in the needs of the communities we serve.

The task force will evaluate

governance, capitalization, financial management, regulatory compliance, and long-term sustainability before issuing a comprehensive report with recommendations to guide future policymaking.

By requiring a transparent, data-driven process, this legislation ensures that any future decisions are based on thoughtful analysis, stakeholder engagement, and sound financial planning.

As our city continues to explore new ways to strengthen local economies, support small businesses, and expand access to capital, we have a responsibility to carefully examine every viable option.

This legislation does exactly that.

It creates a framework for informed decision-making while prioritizing accountability, transparency, and the long-term interests of New Yorkers.

I want to thank Councilmember Joseph, Caban, Stevens, Epstein, and Aviles for co-priming this bill, and I look forward to working with the rest of my colleagues and stakeholders as this conversation continues.

And with the remaining 20 seconds, I want to give a shout-out to Deputy Speaker's intern that she forgot to mention, Samantha.

She loves you, okay?

Thank you, Majority Leader.

That was sweet, I have to say.

Councilmember Aviles, followed by Denowitz.