senate Bill S7194

2017-2018 Legislative Session

Relates to prohibiting the investment of common retirement funds in private prisons

download bill text pdf

Sponsored By

Current Bill Status - In Senate Civil Service And Pensions Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 03, 2018 referred to civil service and pensions

Sponsor's Position

There is no reason a progressive state like New York should be benefiting from mass incarceration.

Co-Sponsors

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S7194 - Details

See Assembly Version of this Bill:
A9015
Law Section:
Retirement and Social Security Law
Laws Affected:
Add §423-d, R & SS L

S7194 - Summary

Relates to prohibiting the investment of common retirement funds in stocks, securities or other obligations of any institution, company, or subsidiary that owns or invests in a for-profit institution that owns or contracts with a government to manage or run a prison.

S7194 - Sponsor Memo

S7194 - Bill Text download pdf

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

                                  7194

                            I N  S E N A T E

                               (PREFILED)

                             January 3, 2018
                               ___________

Introduced  by Sen. BENJAMIN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions

AN ACT to amend the retirement and social security law, in  relation  to
  prohibiting the investment of common retirement funds in private pris-
  ons

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

  Section 1. The retirement and social security law is amended by adding
a new section 423-d to read as follows:
  S 423-D. INVESTMENTS IN PRIVATE PRISONS. 1. NO MONIES  OF  THE  COMMON
RETIREMENT  FUND  SHALL  BE INVESTED IN THE STOCKS, SECURITIES, OR OTHER
OBLIGATIONS OF ANY INSTITUTION, COMPANY,  OR  SUBSIDIARY  THAT  OWNS  OR
INVESTS  IN  A  FOR-PROFIT  INSTITUTION  THAT  OWNS  OR CONTRACTS WITH A
GOVERNMENT TO MANAGE OR RUN A PRISON.
  2. NOTWITHSTANDING ANY OTHER PROVISION OF  LAW  TO  THE  CONTRARY,  NO
LATER  THAN ONE YEAR AFTER THE EFFECTIVE DATE OF THIS ACT, ANY MONEYS OR
ASSETS OF THE COMMON RETIREMENT FUND WHICH SHALL REMAIN OR  BE  INVESTED
IN  THE  STOCKS,  SECURITIES,  OR  OTHER OBLIGATIONS OF ANY INSTITUTION,
COMPANY, OR SUBSIDIARY OF A COMPANY THAT OWNS OR INVESTS IN A FOR-PROFIT
INSTITUTION THAT OWNS OR CONTRACTS WITH A GOVERNMENT TO MANAGE OR RUN  A
PRISON SHALL BE WITHDRAWN.
  3. THE COMPTROLLER SHALL, IN ACCORDANCE WITH SOUND INVESTMENT CRITERIA
AND  CONSISTENT  WITH  HIS OR HER FIDUCIARY OBLIGATIONS, DIVEST ANY SUCH
STOCKS, SECURITIES, OR OTHER OBLIGATIONS WHETHER THEY ARE OWNED DIRECTLY
OR HELD THROUGH SEPARATE ACCOUNTS OR ANY  COMMINGLED  FUNDS.  THE  COMP-
TROLLER  SHALL  STRIVE  TO  MAXIMIZE  THE  POTENTIAL VALUE OF ALL ASSETS
LIQUIDATED UNDER THIS SECTION IN DETERMINING WHAT POINT TO CONDUCT  SALE
OR  LIQUIDATION,  AND MAY EFFECTUATE SALE OF ASSETS PURSUANT TO SUBDIVI-
SION TWO OF THIS SECTION AT ANY POINT WITHIN ONE YEAR AFTER  THE  EFFEC-
TIVE  DATE  OF  THIS ACT ON THE BASIS OF POTENTIAL LOSS FROM THE SALE OF
THE RELEVANT ASSETS COMPARED TO THE VALUE OF THE ASSETS AT THE  TIME  OF
PURCHASE. PROVIDED, HOWEVER, THAT IF THE VALUE OF THE ASSETS ARE GREATER

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

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