NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A3967
SPONSOR: Steck TITLE OF BILL:
An act to amend the election law, in relation to requiring a separate
bank account for public financing campaign contributions
SUMMARY OF PROVISIONS::
Section 1. Section 14-205 of the election law is amended by adding a new
subdivision 5-a to read as follows:
5-a. Bank account. Notwithstanding any other law, rule or regulation to
the contrary, any retained funds or other campaign funds acquired inde-
pendent of public financing shall be deposited in a separate bank
account from the authorized committee's bank account for campaign
contributions received pursuant to this article. Such bank accounts
shall be subject to disclosure pursuant to relevant election laws, rules
and regulations.
PURPOSE AND JUSTIFICATION::
Under current regulations, the Public Campaign Finance Board requires
candidates to commingle money raised from private sources with matching
funds that are provided by the State in a single bank account. Commin-
gling is typically not the preferred way to manage accounts. Further,
the requirement of a single account makes it very difficult for campaign
Treasurers, who are often volunteers, to differentiate public and
private funds, at the same time that differentiation is required in a
campaign's public finance reports. The bill would alleviate this
burden.
EXISTING LAW::
None.
PRIOR LEGISLATIVE HISTORY::
None
FISCAL IMPLICATIONS::
To be determined.
EFFECTIVE DATE::
This act shall take effect immediately.
STATE OF NEW YORK
________________________________________________________________________
3967
2025-2026 Regular Sessions
IN ASSEMBLY
January 30, 2025
___________
Introduced by M. of A. STECK -- read once and referred to the Committee
on Election Law
AN ACT to amend the election law, in relation to requiring a separate
bank account for public financing campaign contributions
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 14-205 of the election law is amended by adding a
2 new subdivision 5-a to read as follows:
3 5-a. Bank account. Notwithstanding any other law, rule or regulation
4 to the contrary, any retained funds or other campaign funds acquired
5 independent of public financing shall be deposited in a separate bank
6 account from the authorized committee's bank account for campaign
7 contributions received pursuant to this article. Such bank accounts
8 shall be subject to disclosure pursuant to relevant election laws, rules
9 and regulations.
10 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07261-01-5
