Senate Bill S420

2021-2022 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 Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-S420 (ACTIVE) - Details

Current Committee:
Senate Higher Education
Law Section:
Education Law
Laws Affected:
Add §§355-e & 6234-a, Ed L
Versions Introduced in Other Legislative Sessions:
2017-2018: S5647
2019-2020: S1829
2023-2024: S1953

2021-S420 (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.

2021-S420 (ACTIVE) - Sponsor Memo

2021-S420 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    420
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by Sens. HOYLMAN, KRUEGER, SERRANO -- 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-e
 to read as follows:
   § 355-E. DIVESTMENT FROM FOSSIL FUELS. 1. (A) ON OR AFTER JULY  FIRST,
 TWO  THOUSAND  TWENTY-TWO,  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-SIX, 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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