|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 05, 2022||referred to banks|
|May 10, 2021||referred to banks|
senate Bill S6627
Current Bill Status - In Senate Committee Banks Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S6627 (ACTIVE) - Details
S6627 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6627 REVISED 05/28/2021 SPONSOR: RIVERA TITLE OF BILL: An act to amend the banking law, in relation to restructuring unsustain- able sovereign and subnational debt PURPOSE: To effectively restructure unsustainable Sovereign and Subnational debt to reduce the need for bailouts, negative social costs, systemic risk to the economy and creditor uncertainty. SUMMARY OF PROVISIONS: Under the provisions of Section 1 of this legislation the banking law is amended to add a new Article 7 which includes sections 300-309. Section 300 provides the Legislative intent for this article.
S6627 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6627 2021-2022 Regular Sessions I N S E N A T E May 10, 2021 ___________ Introduced by Sen. RIVERA -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend the banking law, in relation to restructuring unsustain- able sovereign and subnational debt THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The banking law is amended by adding a new article 7 to read as follows: ARTICLE 7 SOVEREIGN AND SUBNATIONAL DEBT SECTION 300. LEGISLATIVE INTENT. 301. DEFINITIONS. 302. PETITION FOR RELIEF; RECOGNITION. 303. NOTIFICATION OF CREDITORS. 304. AUDITING PROCESS. 305. SUBMISSION, CONTENTS AND VOTING ON PLAN. 306. FINANCING THE RESTRUCTURING. 307. PRIORITY OF REPAYMENT. 308. ADJUDICATION OF DISPUTES. 309. APPLICATION; OPT IN. § 300. LEGISLATIVE INTENT. THE PURPOSE OF THIS ARTICLE IS TO PROVIDE EFFECTIVE MECHANISMS FOR RESTRUCTURING UNSUSTAINABLE SOVEREIGN AND SUBNATIONAL DEBT SO AS TO REDUCE: 1. THE SOCIAL COSTS OF SOVEREIGN AND SUBNATIONAL DEBT CRISES; 2. SYSTEMIC RISK TO THE FINANCIAL SYSTEM; 3. CREDITOR UNCERTAINTY; AND 4. THE NEED FOR SOVEREIGN AND SUBNATIONAL DEBT BAILOUTS, WHICH ARE COSTLY AND CREATE MORAL HAZARD. § 301. DEFINITIONS. FOR PURPOSES OF THIS ARTICLE: 1. "CREDITOR" MEANS A PERSON OR ENTITY THAT HAS A CLAIM AGAINST A STATE; EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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