ALBANY, N.Y. (NEWS10) – This week on Empire State Weekly, both the New York State Senate and the Assembly passed their One-House budgets. Both houses agreed on some funding measures, but budgets share key differences from the Governor’s $227 billion budget proposal.

Rebecca Garrard, the Legislative Director for Citizen Action of New York, said that the One House proposals address “glaring gaps” in Governor Kathy Hochul’s budget proposals. Both proposals will cost billions of dollars more than the Governor’s budget proposal. Both the Senate and Assembly rejected proposed changes to bail reform, a move that Garrard described as “exactly the right thing.” She suggested community investment would assist in keeping crime down and ensuring community safety.

Also, this week Brian Clark, an Associate Professor at Rensselaer Polytechnic Institute, explained how California-based Silicon Valley Bank collapsed following a sharp rise in interest rates. The FDIC (Federal Deposit Insurance Corporation) took over S.V.B. and New York-based Signature Bank to slow the risk to the financial system. Clark said that while the official “narrative” states this is not a taxpayer-funded bailout, he believes the costs will eventually “trickle down” to either borrowers or taxpayers.

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