S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8446
 
                             I N  S E N A T E
 
                               March 1, 2022
                                ___________
 
 Introduced  by  Sen. REICHLIN-MELNICK -- read twice and ordered printed,
   and when printed to be committed to the Committee on  Procurement  and
   Contracts
 
 AN  ACT  to  amend  the  state finance law and the retirement and social
   security law, in relation to enacting  the  "stop  Russian  aggression
   act"
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Short title. This act shall be known and may  be  cited  as
 the "stop Russian aggression act".
   § 2. The state finance law is amended by adding a new section 165-b to
 read as follows:
   §  165-B.  PURCHASING  RESTRICTIONS; PERSONS DOING BUSINESS WITH OR IN
 THE RUSSIAN FEDERATION.  1. AS USED IN THIS SECTION, THE FOLLOWING TERMS
 SHALL HAVE THE FOLLOWING MEANINGS:
   (A) "PERSON" MEANS:
   (I) A NATURAL PERSON, CORPORATION, COMPANY, LIMITED LIABILITY COMPANY,
 BUSINESS, BUSINESS ASSOCIATION,  PARTNERSHIP,  SOCIETY,  TRUST,  OR  ANY
 OTHER NONGOVERNMENTAL ENTITY, ORGANIZATION, OR GROUP.
   (II)  ANY  SUCCESSOR, SUBUNIT, PARENT ENTITY, OR SUBSIDIARY OF, OR ANY
 ENTITY UNDER COMMON OWNERSHIP OR CONTROL WITH, ANY ENTITY  DESCRIBED  IN
 SUBPARAGRAPH (I) OF THIS PARAGRAPH.
   (B)  "DOING BUSINESS WITH OR IN THE RUSSIAN FEDERATION" MEANS ENGAGING
 IN ANY ACTIVITY OR TRANSACTION FOR THE PURPOSE OF FINANCIAL OR PECUNIARY
 GAIN OR PROFIT WITH THE RUSSIAN FEDERATION OR PERSONS BASED IN  OR  WITH
 LOCATIONS  IN THE RUSSIAN FEDERATION OR IN TERRITORIES CONTROLLED BY THE
 RUSSIAN FEDERATION.
   2. (A) A PERSON THAT IS IDENTIFIED ON A LIST CREATED PURSUANT TO PARA-
 GRAPH (B) OF THIS SUBDIVISION AS A PERSON THAT IS DOING BUSINESS WITH OR
 IN THE RUSSIAN FEDERATION  AS  DESCRIBED  IN  SUBDIVISION  ONE  OF  THIS
 SECTION,  SHALL NOT BE DEEMED A RESPONSIVE BIDDER OR OFFEROR PURSUANT TO
 SECTION ONE HUNDRED SIXTY-THREE OF THIS ARTICLE.
   (B) (I) NOT LATER THAN ONE HUNDRED TWENTY  DAYS  AFTER  THE  EFFECTIVE
 DATE  OF  THIS  SECTION,  THE  COMMISSIONER SHALL DEVELOP OR CONTRACT TO
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD14854-02-2
 S. 8446                             2
 
 DEVELOP, USING CREDIBLE INFORMATION AVAILABLE TO THE  PUBLIC,  INCLUDING
 BUT  NOT  LIMITED  TO  INFORMATION PROVIDED BY NON-PROFIT ORGANIZATIONS,
 RESEARCH FIRMS, INTERNATIONAL ORGANIZATIONS AND GOVERNMENT  ENTITIES,  A
 LIST  OF  PERSONS IT DETERMINES IS DOING BUSINESS WITH OR IN THE RUSSIAN
 FEDERATION AS DESCRIBED IN SUBDIVISION  ONE  OF  THIS  SECTION.  IF  THE
 COMMISSIONER  HAS  CONTRACTED  TO  DEVELOP  THE  LIST, THE LIST SHALL BE
 FINALLY DEVELOPED NOT LATER THAN  ONE  HUNDRED  TWENTY  DAYS  AFTER  THE
 EFFECTIVE  DATE  OF  THIS  SECTION.  SUCH LIST, WHEN COMPLETED, SHALL BE
 POSTED ON THE WEBSITE OF THE OFFICE OF GENERAL SERVICES. A STATEMENT  BY
 A  PERSON  OR REPRESENTATIVE OF A PERSON WITH APPARENT AUTHORITY TO MAKE
 SUCH A STATEMENT, THAT IT IS DOING  BUSINESS  WITH  OR  IN  THE  RUSSIAN
 FEDERATION,  SHALL  BE  CONSIDERED  AS  EVIDENCE THAT A COMPANY IS DOING
 BUSINESS WITH OR IN  THE  RUSSIAN  FEDERATION.    THE  COMMISSIONER  MAY
 EXCLUDE  FROM  THE LIST PERSONS WHO ENGAGE IN ACTIVITIES OR TRANSACTIONS
 OF NOMINAL OR NEGLIGIBLE VALUE.
   (II) THE COMMISSIONER SHALL UPDATE THE LIST EVERY ONE  HUNDRED  EIGHTY
 DAYS.
   (III)  BEFORE  FINALIZING AN INITIAL LIST PURSUANT TO SUBPARAGRAPH (I)
 OF THIS PARAGRAPH OR AN UPDATED LIST PURSUANT TO  SUBPARAGRAPH  (II)  OF
 THIS PARAGRAPH, THE COMMISSIONER SHALL DO ALL OF THE FOLLOWING:
   (1)  PROVIDE  NINETY DAYS' WRITTEN NOTICE OF THE COMMISSIONER'S INTENT
 TO INCLUDE THE PERSON ON THE LIST. THE NOTICE SHALL  INFORM  THE  PERSON
 THAT INCLUSION ON THE LIST WOULD MAKE THE PERSON A NON-RESPONSIVE BIDDER
 OR  OFFEROR.  THE  NOTICE  SHALL  SPECIFY  THE  BUSINESS  ACTIVITIES  AS
 DESCRIBED IN SUBDIVISION ONE OF THIS  SECTION,  AND  PROVIDE  THAT  SUCH
 PERSON  MAY  APPLY  TO  THE  COMMISSIONER,  OR TO A SUPREME COURT, TO BE
 REMOVED FROM SUCH LIST PURSUANT TO THE REQUIREMENTS OF  THIS  PARAGRAPH,
 IF IT CEASES SUCH ACTIVITIES;
   (2)  IN THE EVENT A PERSON INCLUDED BY THE COMMISSIONER ON THE LIST TO
 BE DEVELOPED AND PUBLISHED IN ACCORDANCE  WITH  THIS  PARAGRAPH,  DEMON-
 STRATES  TO  THE  COMMISSIONER OR TO A SUPREME COURT THAT SUCH PERSON IS
 NOT ENGAGED IN SUCH BUSINESS ACTIVITIES AS DESCRIBED IN SUBDIVISION  ONE
 OF THIS SECTION, OR HAS CEASED SUCH BUSINESS ACTIVITIES, THE COMMISSION-
 ER  SHALL  REMOVE  SUCH  PERSON FROM THE LIST DEVELOPED AND PUBLISHED IN
 ACCORDANCE WITH THIS PARAGRAPH; AND
   (3) THE COMMISSIONER SHALL MAKE A GOOD FAITH EFFORT TO AVOID INCLUDING
 A PERSON ON THE LIST WHO IS NOT DOING BUSINESS WITH OR  IN  THE  RUSSIAN
 FEDERATION.
   (C)  NOTWITHSTANDING  PARAGRAPHS  (A)  AND  (B) OF THIS SUBDIVISION, A
 STATE AGENCY MAY PERMIT A PERSON DOING BUSINESS WITH OR IN  THE  RUSSIAN
 FEDERATION  AS DESCRIBED BY SUBDIVISION ONE OF THIS SECTION TO BE DEEMED
 A RESPONSIVE BIDDER OR OFFEROR, ON A CASE-BY-CASE  BASIS  WITH  A  STATE
 AGENCY IF:
   (I)  THE  BUSINESS  ACTIVITIES  WERE MADE BEFORE THE EFFECTIVE DATE OF
 THIS SECTION, SUCH ACTIVITIES HAVE NOT BEEN EXPANDED  OR  RENEWED  AFTER
 THE  EFFECTIVE  DATE OF THIS SECTION, AND THE PERSON HAS ADOPTED, PUBLI-
 CIZED, AND IS IMPLEMENTING A  PLAN  TO  CEASE  SUCH  ACTIVITIES  AND  TO
 REFRAIN FROM ENGAGING IN ANY NEW BUSINESS ACTIVITIES; OR
   (II)  THE  STATE  AGENCY MAKES A DETERMINATION THAT THE COMMODITIES OR
 SERVICES ARE NECESSARY FOR THE STATE AGENCY TO PERFORM ITS FUNCTIONS AND
 THAT, ABSENT SUCH AN EXEMPTION, THE STATE  AGENCY  WOULD  BE  UNABLE  TO
 OBTAIN  THE  COMMODITIES  OR SERVICES FOR WHICH THE CONTRACT IS OFFERED.
 SUCH DETERMINATION SHALL BE ENTERED INTO THE PROCUREMENT RECORD.
   3. (A) A STATE AGENCY SHALL REQUIRE A PERSON THAT  SUBMITS  A  BID  OR
 OFFER  IN RESPONSE TO A NOTICE OF PROCUREMENT, OR THAT PROPOSES TO RENEW
 AN EXISTING PROCUREMENT CONTRACT WITH A  STATE  AGENCY  OR  PROPOSES  TO
 S. 8446                             3
 
 ASSUME  THE  RESPONSIBILITY  OF  A  CONTRACTOR PURSUANT TO A PROCUREMENT
 CONTRACT WITH A STATE AGENCY OR  OTHERWISE  PROPOSES  TO  ENTER  INTO  A
 CONTRACT WITH A STATE AGENCY WITH RESPECT TO A CONTRACT FOR COMMODITIES,
 SERVICES,  CONSTRUCTION,  OR CONTRACTS ENTERED PURSUANT TO SECTION EIGHT
 OF THE PUBLIC BUILDINGS LAW OR SECTION THIRTY-EIGHT OF THE HIGHWAY  LAW,
 TO  CERTIFY, AT THE TIME THE BID IS SUBMITTED OR THE CONTRACT IS RENEWED
 OR ASSIGNED, THAT THE PERSON OR THE ASSIGNEE IS NOT IDENTIFIED ON A LIST
 CREATED PURSUANT TO PARAGRAPH (B) OF SUBDIVISION TWO OF THIS SECTION.  A
 STATE  AGENCY SHALL INCLUDE CERTIFICATION INFORMATION IN THE PROCUREMENT
 RECORD.
   (B) A PERSON THAT SUBMITS A BID OR OFFER IN RESPONSE TO  A  NOTICE  OF
 PROCUREMENT  OR  THAT PROPOSES TO RENEW AN EXISTING PROCUREMENT CONTRACT
 WITH A STATE AGENCY OR  PROPOSES  TO  ASSUME  THE  RESPONSIBILITY  OF  A
 CONTRACTOR  PURSUANT  TO  A PROCUREMENT CONTRACT WITH A STATE AGENCY, OR
 OTHERWISE PROPOSES TO ENTER INTO A CONTRACT WITH  A  STATE  AGENCY  WITH
 RESPECT  TO  A  CONTRACT  FOR  COMMODITIES,  SERVICES,  CONSTRUCTION, OR
 CONTRACTS ENTERED PURSUANT TO SECTION EIGHT OF THE PUBLIC BUILDINGS  LAW
 OR  SECTION  THIRTY-EIGHT  OF  THE HIGHWAY LAW SHALL NOT UTILIZE, ON THE
 CONTRACT WITH THE STATE AGENCY, ANY SUBCONTRACTOR THAT IS IDENTIFIED  ON
 A  LIST  CREATED  PURSUANT  TO  PARAGRAPH (B) OF SUBDIVISION TWO OF THIS
 SECTION.
   4. UPON RECEIVING INFORMATION THAT A PERSON WHO HAS MADE  THE  CERTIF-
 ICATION  REQUIRED  BY  SUBDIVISION THREE OF THIS SECTION IS IN VIOLATION
 THEREOF, THE STATE AGENCY SHALL REVIEW SUCH INFORMATION  AND  OFFER  THE
 PERSON  AN  OPPORTUNITY  TO  RESPOND. IF THE PERSON FAILS TO DEMONSTRATE
 THAT IT HAS CEASED ITS BUSINESS ACTIVITIES WHICH  ARE  IN  VIOLATION  OF
 THIS  ACT  WITHIN NINETY DAYS AFTER THE DETERMINATION OF SUCH VIOLATION,
 THEN THE STATE AGENCY SHALL TAKE SUCH ACTION AS MAY BE  APPROPRIATE  AND
 PROVIDED  FOR  BY  LAW, RULE OR CONTRACT, INCLUDING, BUT NOT LIMITED TO,
 IMPOSING SANCTIONS, SEEKING COMPLIANCE, RECOVERING DAMAGES OR  DECLARING
 THE CONTRACTOR IN DEFAULT.
   5.  THE  COMMISSIONER  SHALL  REPORT TO THE GOVERNOR, COMPTROLLER, THE
 TEMPORARY PRESIDENT OF THE SENATE AND THE SPEAKER OF THE ASSEMBLY  ANNU-
 ALLY  ON  OR BEFORE OCTOBER FIRST, ON THE STATUS OF THIS SECTION AND ANY
 RULES OR REGULATIONS ADOPTED THEREUNDER.
   § 3. The retirement and social security law is amended by adding a new
 section 423-d to read as follows:
   § 423-D. RUSSIAN BUSINESS DIVESTMENT. 1. AS USED IN THIS SECTION:
   A. "PERSON" MEANS:
   (I) A NATURAL PERSON, CORPORATION, COMPANY, LIMITED LIABILITY COMPANY,
 BUSINESS, BUSINESS ASSOCIATION,  PARTNERSHIP,  SOCIETY,  TRUST,  OR  ANY
 OTHER NONGOVERNMENTAL ENTITY, ORGANIZATION, OR GROUP.
   (II)  ANY  SUCCESSOR, SUBUNIT, PARENT ENTITY, OR SUBSIDIARY OF, OR ANY
 ENTITY UNDER COMMON OWNERSHIP OR CONTROL WITH, ANY ENTITY  DESCRIBED  IN
 SUBPARAGRAPH (I) OF THIS PARAGRAPH.
   B.  "DOING  BUSINESS WITH OR IN THE RUSSIAN FEDERATION" MEANS ENGAGING
 IN ANY ACTIVITY OR TRANSACTION FOR THE PURPOSE OF FINANCIAL OR PECUNIARY
 GAIN OR PROFIT WITH THE RUSSIAN FEDERATION OR PERSONS BASED IN  OR  WITH
 LOCATIONS  IN THE RUSSIAN FEDERATION OR IN TERRITORIES CONTROLLED BY THE
 RUSSIAN FEDERATION.
   C. "DIRECT INVESTMENT" MEANS OWNERSHIP OF AN INDIVIDUAL STOCK, SECURI-
 TY, EQUITY, ASSET, OR OTHER OBLIGATION OF A CORPORATION OR COMPANY.
   D. "EXCLUSION LIST" MEANS THE LIST CREATED PURSUANT TO PARAGRAPH A  OF
 SUBDIVISION TWO OF THIS SECTION.
 S. 8446                             4
 
   E. "INDIRECT INVESTMENT" MEANS A HOLDING IN AN INVESTMENT VEHICLE THAT
 DIRECTLY  OR  INDIRECTLY  OWNS  AN  INDIVIDUAL  STOCK, SECURITY, EQUITY,
 ASSET, OR OTHER OBLIGATION OF A CORPORATION OR COMPANY.
   2.  A.  WITHIN  SIX  MONTHS OF THE EFFECTIVE DATE OF THIS SECTION, THE
 COMPTROLLER SHALL CREATE AN EXCLUSION LIST OF ALL PERSONS DOING BUSINESS
 WITH OR IN THE RUSSIAN FEDERATION IN WHOSE STOCKS, SECURITIES, EQUITIES,
 ASSETS, OR OTHER OBLIGATIONS THE COMMON RETIREMENT FUND HAS  ANY  MONEYS
 OR ASSETS DIRECTLY INVESTED.
   B.  UPON  COMPLETION  OF THE EXCLUSION LIST, IT SHALL BE MADE PUBLICLY
 AVAILABLE, AND A COPY SHALL BE SENT TO THE TEMPORARY  PRESIDENT  OF  THE
 SENATE AND THE SPEAKER OF THE ASSEMBLY.
   C.  THE  COMPTROLLER  SHALL SUBMIT NOTIFICATION TO ANY PERSON THAT HAS
 BEEN INCLUDED IN THE EXCLUSION LIST INFORMING THEM OF  THEIR  INCLUSION,
 AS  WELL  AS  THE  REQUIREMENTS  OF  SUBDIVISIONS THREE AND FIVE OF THIS
 SECTION.
   D. AT THE COMPTROLLER'S DISCRETION, BUT NO LATER THAN TWO YEARS  AFTER
 THE  COMPLETION OF THE EXCLUSION LIST, AND NO LESS FREQUENTLY THAN ANNU-
 ALLY THEREAFTER, THE COMPTROLLER SHALL  UPDATE  THE  EXCLUSION  LIST  TO
 REMOVE  ANY  PERSON  THAT  IS  NO  LONGER  DOING BUSINESS WITH OR IN THE
 RUSSIAN FEDERATION, AND ADD ANY PERSON NECESSARY TO  COMPLY  WITH  PARA-
 GRAPH  A OF THIS SUBDIVISION, WITH THE EXCEPTION OF SUCH PERSONS REMOVED
 FROM THE EXCLUSION LIST PURSUANT TO PARAGRAPH B OF SUBDIVISION  FOUR  OF
 THIS SECTION.
   3. A. AT ANY TIME FOLLOWING THE PUBLICATION OF THE EXCLUSION LIST, ANY
 PERSON  INCLUDED IN THE LIST MAY SUBMIT TO THE COMPTROLLER A REQUEST FOR
 REMOVAL ON THE BASIS OF CLEAR AND CONVINCING EVIDENCE THAT THEY ARE  NOT
 CURRENTLY DOING BUSINESS WITH OR IN THE RUSSIAN FEDERATION AS DEFINED IN
 SUBDIVISION  ONE  OF  THIS SECTION OR THAT THEY WILL NO LONGER MEET SUCH
 DEFINITION BY JANUARY FIRST, TWO THOUSAND THIRTY.
   B. UPON SATISFACTION THAT A PERSON HAS MET THE REQUIREMENTS  OF  PARA-
 GRAPH  A  OF  THIS SUBDIVISION, THE COMPTROLLER SHALL REMOVE THAT CORPO-
 RATION OR COMPANY FROM THE EXCLUSION LIST, AND PROVIDE A WRITTEN  EXPLA-
 NATION FOR SUCH REMOVAL TO THE TEMPORARY PRESIDENT OF THE SENATE AND THE
 SPEAKER OF THE ASSEMBLY.
   4.  A. WITHIN SIX MONTHS FROM THE COMPLETION OF THE EXCLUSION LIST THE
 COMPTROLLER SHALL ISSUE A DETERMINATION AS TO  WHETHER  DIVESTMENT  FROM
 ANY  OR ALL PERSONS ON THE EXCLUSION LIST, IN WHOLE OR IN PART, PURSUANT
 TO SUBDIVISION FIVE OF THIS SECTION COMPLIES WITH HIS OR  HER  FIDUCIARY
 OBLIGATIONS  AND  THE PRUDENT INVESTOR RULE AS DEFINED BY SECTION 11-2.3
 OF THE ESTATES, POWERS AND TRUSTS LAW. THE COMPTROLLER SHALL  MAKE  SUCH
 DETERMINATION  PUBLICLY AVAILABLE AND A COPY SHALL BE SENT TO THE TEMPO-
 RARY PRESIDENT OF THE SENATE AND THE SPEAKER OF THE ASSEMBLY.
   B. IF THE COMPTROLLER DETERMINES THAT DIVESTMENT FROM  ANY  PERSON  ON
 THE EXCLUSION LIST DOES NOT COMPLY WITH HIS OR HER FIDUCIARY OBLIGATIONS
 AND  THE  PRUDENT  INVESTOR  RULE  AS  DEFINED  BY SECTION 11-2.3 OF THE
 ESTATES, POWERS AND TRUSTS LAW, THAT PERSON SHALL BE  REMOVED  FROM  THE
 EXCLUSION LIST.
   C.  AT ANY TIME, SUBJECT TO THE COMPTROLLER'S DISCRETION, BUT NO LATER
 THAN TWO YEARS FROM THE EFFECTIVE DATE OF THIS SECTION,  AND  EVERY  TWO
 YEARS THEREAFTER, ANY PERSON REMOVED FROM THE EXCLUSION LIST PURSUANT TO
 PARAGRAPH B OF THIS SUBDIVISION SHALL BE RETURNED TO THE EXCLUSION LIST,
 SUBJECT  TO A NEW DETERMINATION OF PRUDENCE ISSUED AT THAT TIME PURSUANT
 TO PARAGRAPH A OF THIS SUBDIVISION.
   5. A. COMMENCING ONE YEAR AFTER THE EFFECTIVE DATE  OF  THIS  SECTION,
 SUBJECT TO AN AFFIRMATIVE DETERMINATION OF PRUDENCE PURSUANT TO SUBDIVI-
 SION  FOUR  OF  THIS  SECTION,  AND  IN ACCORDANCE WITH SOUND INVESTMENT
 S. 8446                             5
 
 CRITERIA AND CONSISTENT WITH HIS OR HER FIDUCIARY OBLIGATIONS, THE COMP-
 TROLLER SHALL: (I) DIVEST THE COMMON  RETIREMENT  FUND  OF  ANY  STOCKS,
 SECURITIES,  EQUITIES,  ASSETS,  OR  OTHER OBLIGATIONS OF PERSONS ON THE
 EXCLUSION  LIST  IN  WHICH ANY MONEYS OR ASSETS OF THE COMMON RETIREMENT
 FUND ARE DIRECTLY INVESTED; AND (II) CEASE NEW DIRECT INVESTMENTS OF ANY
 MONEYS OR ASSETS OF THE COMMON RETIREMENT FUND IN  ANY  STOCKS,  SECURI-
 TIES,  OR  OTHER OBLIGATIONS OF ANY PERSON DOING BUSINESS WITH OR IN THE
 RUSSIAN FEDERATION.
   B. DIVESTMENT FROM PERSONS DOING  BUSINESS  WITH  OR  IN  THE  RUSSIAN
 FEDERATION PURSUANT TO THIS SUBDIVISION SHALL BE COMPLETED NO LATER THAN
 TWO  YEARS  FROM  THE  EFFECTIVE  DATE  OF THIS SECTION. DIVESTMENT FROM
 PERSONS DOING BUSINESS WITH OR IN THE RUSSIAN FEDERATION RETURNED TO THE
 EXCLUSION LIST PURSUANT TO PARAGRAPH  C  OF  SUBDIVISION  FOUR  OF  THIS
 SECTION  SHALL  BE  COMPLETED  NO  LATER THAN TWO YEARS FROM THE DATE OF
 RETURN TO THE EXCLUSION LIST.
   6. COMMENCING ONE YEAR AFTER THE EFFECTIVE DATE OF THIS  SECTION,  AND
 NO  LATER  THAN  FIVE  YEARS  FROM  THE  EFFECTIVE DATE OF THIS SECTION,
 SUBJECT TO AN AFFIRMATIVE DETERMINATION OF PRUDENCE PURSUANT TO SUBDIVI-
 SION FOUR OF THIS SECTION,  AND  IN  ACCORDANCE  WITH  SOUND  INVESTMENT
 CRITERIA AND CONSISTENT WITH HIS OR HER FIDUCIARY OBLIGATIONS, THE COMP-
 TROLLER  SHALL ENDEAVOR TO ENSURE THAT NO MONEYS OR ASSETS OF THE COMMON
 RETIREMENT FUND ARE INVESTED IN AN INDIRECT INVESTMENT VEHICLE UNLESS HE
 OR SHE IS SATISFIED ON REASONABLE GROUNDS THAT SUCH INDIRECT  INVESTMENT
 VEHICLE  IS  UNLIKELY  TO  HAVE  IN EXCESS OF TWO PERCENT OF ITS ASSETS,
 AVERAGED ANNUALLY, DIRECTLY OR  INDIRECTLY  INVESTED  IN  PERSONS  DOING
 BUSINESS WITH OR IN THE RUSSIAN FEDERATION.
   7.  COMMENCING  TWO YEARS AFTER THE EFFECTIVE DATE OF THIS SECTION AND
 ANNUALLY THEREAFTER THE COMPTROLLER SHALL ISSUE A REPORT TO  THE  TEMPO-
 RARY  PRESIDENT OF THE SENATE AND THE SPEAKER OF THE ASSEMBLY, AND SHALL
 MAKE SUCH REPORT PUBLICLY AVAILABLE,  OUTLINING  ALL  ACTIONS  TAKEN  TO
 COMPLY WITH THIS SECTION.
   § 4. This act shall take effect immediately.