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Senate approves ban on state‑chartered banks investing in private prisons after extended debate
Summary
The Senate passed a measure prohibiting state‑chartered banks from financing or investing in entities that own or operate private correctional facilities. Supporters framed the bill as extending New York’s prohibition on private prisons; opponents argued it improperly constrains state‑chartered banks.
The New York State Senate on May 20, 2025, passed Senate Print 114, a bill that prohibits banks chartered by New York from providing financing or investing in companies that own or operate private correctional facilities.
The measure and vote: Senator Cleary, the bill’s sponsor, brought the measure to the floor and framed it as an extension of New York’s existing prohibition on operating private prisons. The clerk called the roll after debate; the final tally announced on the floor was 37 ayes, 22 nays and the bill was recorded as passed.
Why it matters: The statute prohibits a category of financial activity…
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