assembly Bill A1536A

2019-2020 Legislative Session

Relates to limitations on investments of public pension funds in fossil fuel companies

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Sponsored By

Current Bill Status - In Assembly 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 (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Nov 27, 2019 print number 1536a
Nov 27, 2019 amend (t) and recommit to governmental employees
Jan 15, 2019 referred to governmental employees

Co-Sponsors

view additional co-sponsors

Multi-Sponsors

A1536 - Details

See Senate Version of this Bill:
S2126
Law Section:
Retirement and Social Security Law
Laws Affected:
Add §423-d, R & SS L
Versions Introduced in Other Legislative Sessions:
2015-2016: A8011, S5873
2017-2018: A3712, S4596

A1536 - Summary

Limits investments of public pension funds in fossil fuel companies.

A1536 - Bill Text download pdf


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

                                  1536

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                            January 15, 2019
                               ___________

Introduced  by  M.  of A. ORTIZ, MOSLEY, FAHY, SIMON, THIELE, GOTTFRIED,
  SEAWRIGHT, O'DONNELL,  STECK,  ENGLEBRIGHT,  CARROLL,  GLICK,  COLTON,
  BLAKE,  NIOU,  JAFFEE,  RIVERA,  DAVILA, RODRIGUEZ, ZEBROWSKI, BARRON,
  L. ROSENTHAL, WOERNER, GUNTHER,  DINOWITZ,  PEOPLES-STOKES  --  Multi-
  Sponsored  by  --  M.    of  A.  COOK -- read once and referred to the
  Committee on Governmental Employees

AN ACT to amend the retirement and social security law, in  relation  to
  limitations on investments of public pension funds

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

  Section 1. This act shall be known and may be  cited  as  the  "fossil
fuel divestment act".
  § 2. Section 423 of the retirement and social security law, as amended
by chapter 770 of the laws of 1970, is amended to read as follows:
  §  423.  Investments.    [a.]  1.  On  and after April first, nineteen
hundred sixty-seven, the comptroller shall invest the  available  monies
of  the common retirement fund in any investments and securities author-
ized by law for each retirement system and shall hold  such  investments
in his name as trustee of such fund, notwithstanding any other provision
of  this  chapter.  Participating interests in such investments shall be
credited to each retirement system in the manner and at the time  speci-
fied  in  [paragraph] SUBDIVISION two of section four hundred twenty-two
of this article.
  [b.] 2. (A) To assist in the management of the monies  of  the  common
retirement  fund,  the  comptroller shall appoint an investment advisory
committee consisting of not less than seven members who shall serve  for
his  term of office. A vacancy occurring from any cause other than expi-
ration of term shall be filled by the comptroller for the  remainder  of
the term. Each member of the committee shall be experienced in the field
of  investments  and shall have served, or shall be serving, as a senior
officer or member of the board of an insurance company,  banking  corpo-

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

Co-Sponsors

view additional co-sponsors

Multi-Sponsors

A1536A (ACTIVE) - Details

See Senate Version of this Bill:
S2126
Law Section:
Retirement and Social Security Law
Laws Affected:
Add §423-d, R & SS L
Versions Introduced in Other Legislative Sessions:
2015-2016: A8011, S5873
2017-2018: A3712, S4596

A1536A (ACTIVE) - Summary

Limits investments of public pension funds in fossil fuel companies.

A1536A (ACTIVE) - Bill Text download pdf


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

                                 1536--A

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                            January 15, 2019
                               ___________

Introduced  by  M.  of A. ORTIZ, MOSLEY, FAHY, SIMON, THIELE, GOTTFRIED,
  SEAWRIGHT, O'DONNELL,  STECK,  ENGLEBRIGHT,  CARROLL,  GLICK,  COLTON,
  BLAKE,  NIOU,  JAFFEE,  RIVERA,  DAVILA, RODRIGUEZ, ZEBROWSKI, BARRON,
  L. ROSENTHAL,  WOERNER,  GUNTHER,  DINOWITZ,  PEOPLES-STOKES,   REYES,
  EPSTEIN,   GRIFFIN,   TAYLOR,   ARROYO,   RICHARDSON,  HYNDMAN,  CRUZ,
  PHEFFER AMATO -- Multi-Sponsored by -- M. of A. COOK, DenDEKKER, RAMOS
  -- read once and referred to the Committee on  Governmental  Employees
  --  committee  discharged,  bill amended, ordered reprinted as amended
  and recommitted to said committee

AN ACT to amend the retirement and social security law, in  relation  to
  limitations  on investments of public pension funds; and providing for
  the repeal of such provisions upon expiration thereof

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

  Section  1.  This  act  shall be known and may be cited as the "fossil
fuel divestment act".
  § 2. Legislative findings. 1. a. Climate change is a real and  serious
threat  to  the  health, welfare, and prosperity of all New Yorkers, now
and in the future. Maintaining the status  quo  of  fossil  fuel  energy
production will lead to catastrophic results.
  b.  The  United  Nations Intergovernmental Panel on Climate Change has
determined that in order to keep the increase in global average  temper-
ature  below  1.5  degrees Celsius, global greenhouse gas emissions must
decline by 45% by 2030, and reach net zero by 2050.
  c. As such, New York State has codified into law a goal of reaching  a
40%  economy-wide  greenhouse  gas  emissions reduction relative to 1990
levels by 2030, and net zero emissions by 2050.
  d. The threat of climate change and the transformation of  the  global
energy  system that will be necessary to mitigate it will have a serious
negative impact on investors whose assets are not  aligned  with  a  1.5
degree trajectory.

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

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