S T A T E O F N E W Y O R K
________________________________________________________________________
3280
2011-2012 Regular Sessions
I N A S S E M B L Y
January 24, 2011
___________
Introduced by M. of A. PERRY -- read once and referred to the Committee
on Governmental Employees
AN ACT to amend the state finance law, in relation to the investment of
certain public employee retirement funds in companies doing business
in Sudan; and providing for the repeal of such provisions upon expira-
tion thereof
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Legislative findings and declaration. The legislature
finds that increased international efforts to end the crisis in Sudan's
Darfur region must be taken and concurs with the United States policy
which has officially declared that genocide is ongoing in the Sudan.
The legislature makes the following additional findings that:
(1) Significant pressure from the United States government has not
convinced the Sudanese government to disassociate itself from certain
repressive and terrorist factions;
(2) The Sudanese government places severe limitations on the political
and religious freedoms of the Sudanese people despite promises and
pledges to end the twenty year civil war between the government and the
Sudan People's Liberation Movement/Army;
(3) The Sudanese government violates the rules of war by deliberately
attacking civilians and, since 1983, the war and famine-related effects
have led to more than two million deaths and over four million refugees;
(4) The government of Sudan continues to engage in arbitrary arrest,
prolonged detention, extra-judicial killings, torture and rape of the
Sudanese people and apostasy from Islam is punishable by death;
(5) Severe restrictions are placed on freedoms of assembly, associ-
ation, movement, and speech and the government actively censors the
press;
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02547-01-1
A. 3280 2
(6) Slavery and slavery-like indentured servitude continues to exist
and the pro-government militia continues to engage in abduction and
slavery with impunity; and
(7) The 2002 Machakos Protocol, signed by the government and the Sudan
People's Liberation Movement/Army, has recognized that "Sudan is a
multi-cultural, multi-racial, multi-ethnic, multi-religious, and multi-
lingual country," and that there "shall be freedom of belief, worship
and conscience for followers of all religions or beliefs or customs and
no one shall be discriminated against on such grounds" once a peace
agreement is signed.
Therefore it is in the interest of this state that the legislature
declare that a prohibition be enacted to prohibit the investment of
public employee retirement funds in companies doing business in Sudan
until significant improvements in human rights are made.
S 2. The state finance law is amended by adding a new section 98-aa to
read as follows:
S 98-AA. INVESTMENT OF STATE EMPLOYEE BENEFIT FUNDS; LIMITATIONS. 1.
NOTWITHSTANDING ANY RULE OR REGULATION TO THE CONTRARY, THE STATE COMP-
TROLLER, IN CONSULTATION WITH THE COMMISSIONER OF TAXATION AND FINANCE,
SHALL DIVEST STATE EMPLOYEE PENSION OR ANNUITY FUNDS FROM ANY CORPO-
RATIONS, BANKS AND FINANCIAL INSTITUTIONS OR THEIR SUBSIDIARIES, THAT
CONDUCT BUSINESS IN, OR HAVE TIES TO SUDAN EITHER DIRECTLY OR THROUGH
ITS INSTRUMENTALITIES. NO STATE EMPLOYEE ASSETS SHALL BE INVESTED IN THE
STOCKS, SECURITIES OR OTHER OBLIGATIONS OF ANY CORPORATION, BANK OR
FINANCIAL INSTITUTION WHICH DIRECTLY OR THROUGH A SUBSIDIARY IS ENGAGED
IN BUSINESS IN OR WITH SUDAN OR ITS INSTRUMENTALITIES.
2. THE COMPTROLLER AND COMMISSIONER OF TAXATION AND FINANCE SHALL TAKE
THE APPROPRIATE STEPS, AS SOON AS PRACTICABLE, TO SELL, REDEEM, DIVEST
OR WITHDRAW ANY INVESTMENT HELD IN VIOLATION OF SUBDIVISION ONE OF THIS
SECTION.
S 3. Within 60 days of the effective date of this act, the state comp-
troller and the commissioner of taxation and finance shall file, with
the governor and the legislature, a report of all investments held which
are in violation of the provisions of this act. Every year thereafter,
the comptroller shall report on all investments sold, redeemed, divested
or withdrawn in compliance with this act. Each report after the initial
report shall include: a description of the progress which the state has
made since the previous report and since the enactment of this act to
implement the provisions of this act.
S 4. This act shall take effect on the thirtieth day after it shall
become a law and shall expire December 31, 2014 when upon such date the
provisions of this act shall be deemed repealed.