senate Bill S6627

2021-2022 Legislative Session

Provides for restructuring unsustainable sovereign and subnational debt

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Banks 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 (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 05, 2022 referred to banks
May 10, 2021 referred to banks

Co-Sponsors

S6627 (ACTIVE) - Details

See Assembly Version of this Bill:
A7562
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add Art 7 §§300 - 309, Bank L

S6627 (ACTIVE) - Summary

Provides for restructuring unsustainable sovereign and subnational debt.

S6627 (ACTIVE) - Sponsor Memo

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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