senate Bill S5647

2017-2018 Legislative Session

Requires SUNY and CUNY trustees refrain from investing in and subsequently divest from stocks, debt or other securities of certain publicly traded fossil fuel companies

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Higher Education Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 03, 2018 referred to higher education
Apr 24, 2017 referred to higher education

Co-Sponsors

S5647 (ACTIVE) - Details

Current Committee:
Senate Higher Education
Law Section:
Education Law
Laws Affected:
Add §§355-d & 6234-a, Ed L
Versions Introduced in Other Legislative Sessions:
2019-2020: S1829
2021-2022: S420

S5647 (ACTIVE) - Summary

Requires SUNY and CUNY trustees to refrain from investing in and subsequently divest from stocks, debt or other securities of certain publicly traded fossil fuel companies.

S5647 (ACTIVE) - Sponsor Memo

S5647 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5647

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                             April 24, 2017
                               ___________

Introduced  by Sens. HOYLMAN, KRUEGER -- read twice and ordered printed,
  and when printed to be committed to the Committee on Higher Education

AN ACT to amend the education law, in relation  to  requiring  SUNY  and
  CUNY  trustees  refrain from investing in and subsequently divest from
  stocks, debt or other securities of  certain  publicly  traded  fossil
  fuel companies

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The education law is amended by adding a new section  355-d
to read as follows:
  §  355-D. DIVESTMENT FROM FOSSIL FUELS. 1. (A) ON OR AFTER JULY FIRST,
TWO THOUSAND EIGHTEEN, THE BOARD OF TRUSTEES SHALL NOT INVEST ANY MONIES
IN ANY STOCKS, DEBT OR OTHER SECURITIES OF ANY CORPORATION  OR  COMPANY,
OR  ANY  SUBSIDIARY,  AFFILIATE OR PARENT OF ANY CORPORATION OR COMPANY,
AMONG THE TWO HUNDRED LARGEST PUBLICLY TRADED FOSSIL FUEL COMPANIES,  AS
ESTABLISHED BY CARBON CONTENT IN THE COMPANIES' PROVEN OIL, GAS AND COAL
RESERVES.
  (B)  ON OR BEFORE JANUARY FIRST, TWO THOUSAND TWENTY-TWO, THE BOARD OF
TRUSTEES SHALL DIVEST FROM ANY STOCKS, DEBT OR OTHER SECURITIES  OF  ANY
CORPORATION  OR  COMPANY,  OR ANY SUBSIDIARY, AFFILIATE OR PARENT OF ANY
CORPORATION OR COMPANY, AMONG THE TWO HUNDRED  LARGEST  PUBLICLY  TRADED
FOSSIL  FUEL  COMPANIES,  AS ESTABLISHED BY CARBON CONTENT IN THE COMPA-
NIES' PROVEN OIL, GAS AND COAL RESERVES,  EXCEPT  THAT  DIVESTMENT  FROM
STOCKS   OR  OTHER  SECURITIES  OF  COMPANIES  ENGAGED  IN  THE  MINING,
EXTRACTION OR PRODUCTION OF COAL SHALL BE COMPLETED NO  LATER  THAN  ONE
YEAR AFTER THE EFFECTIVE DATE OF THIS SUBDIVISION.
  (C)  THE  BOARD OF TRUSTEES SHALL BE PERMITTED TO CEASE DIVESTING FROM
COMPANIES UNDER PARAGRAPH (A) OF THIS SUBDIVISION, REINVEST IN COMPANIES
FROM WHICH IT DIVESTED UNDER  PARAGRAPH  (A)  OF  THIS  SUBDIVISION,  OR
CONTINUE  TO INVEST IN COMPANIES FROM WHICH IT HAS NOT YET DIVESTED UPON
CLEAR AND CONVINCING EVIDENCE SHOWING THAT AS A DIRECT  RESULT  OF  SUCH

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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