Senate Bill S3267

2021-2022 Legislative Session

Relates to the use of MWBE investments for New York state funds

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

co-Sponsors

2021-S3267 (ACTIVE) - Details

Current Committee:
Senate Civil Service And Pensions
Law Section:
Retirement and Social Security Law
Laws Affected:
Add §§177-b, 177-e & 177-f, amd §423-c, R & SS L; amd §§8 & 5, St Fin L; amd §508-a, Ed L; amd §87-i, Work Comp L
Versions Introduced in Other Legislative Sessions:
2019-2020: S8524
2023-2024: S631

2021-S3267 (ACTIVE) - Summary

Relates to the use of MWBE investments for and aspirational goal of at least twenty percent of each New York state fund, to the greatest extent feasible within the bounds of financial and fiduciary prudence.

2021-S3267 (ACTIVE) - Sponsor Memo

2021-S3267 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3267
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 28, 2021
                                ___________
 
 Introduced  by  Sens.  COMRIE, PARKER -- 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,  the  state
   finance  law, the education law, and the workers' compensation law, in
   relation to the use of MWBE investments for New York state funds
 
   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 177-b to read as follows:
   §  177-B.  USE OF MWBE ASSET MANAGEMENT AND FINANCIAL INSTITUTIONS. 1.
 IN ADDITION TO THE POWERS CONTAINED  IN  ANY  OTHER  PROVISION  OF  LAW,
 INCLUDING  THE  PROVISIONS OF THE ADMINISTRATIVE CODE OF THE CITY OF NEW
 YORK, IT SHALL BE THE GOAL OF PUBLIC OFFICIALS  WITH  INVESTMENT  MAKING
 DISCRETION  AND  DUTIES, INCLUDING, BUT NOT LIMITED TO ELECTED OFFICIALS
 SUCH AS THE STATE COMPTROLLER AND THE COMPTROLLER OF  THE  CITY  OF  NEW
 YORK,  APPOINTED OFFICIALS, THE TRUSTEE OR TRUSTEES OF A FUND, AND STATE
 AUTHORITY OFFICIALS THAT, TO THE GREATEST  EXTENT  FEASIBLE  WITHIN  THE
 BOUNDS OF FINANCIAL AND FIDUCIARY PRUDENCE, SUCH PUBLIC OFFICIALS, TRUS-
 TEE OR TRUSTEES SHALL ASPIRE TO UTILIZE MWBE ASSET MANAGERS, MWBE FINAN-
 CIAL  INSTITUTIONS, AND MWBE FINANCIAL OR PROFESSIONAL SERVICE FIRMS FOR
 THE INVESTMENT OF NO LESS THAN TWENTY PERCENT OF THE TOTAL DOLLAR AMOUNT
 OF SUCH FUND UNDER MANAGEMENT, WHICH SHALL INCLUDE, BUT NOT  BE  LIMITED
 TO, THE FOLLOWING:
   (A) INVESTING ASSETS OF SUCH FUND WITH MWBE ASSET MANAGERS;
   (B)  SUBJECT TO BEST EXECUTION: (I) CONDUCTING TRADES OF PUBLIC EQUITY
 SECURITIES WITH MWBE FINANCIAL INSTITUTIONS; AND (II) CONDUCTING  TRADES
 OF FIXED-INCOME SECURITIES THROUGH MWBE INSTITUTIONS;
   (C)  ALLOCATING INVESTMENTS OF ASSETS OF SUCH FUND EITHER THROUGH: (I)
 DIRECT INVESTMENTS IN THE EQUITIES AND DEBT SECURITIES OF MWBES; OR (II)
 INDIRECTLY THROUGH SPECIAL PROGRAMS INVOLVING MWBE ASSET MANAGERS; OR
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.